Swedish Internet Gambling Group Releases Quarterly Results

SWEDISH INTERNET GAMBLING GROUP RELEASES QUARTERLY RESULTS

25th April, 2014 at 02:41:38
Source: http://www.azonlinecasinos.com

Exchange rate fluctuations have a negative impact on Betsson.

The Swedish online gambling group Betsson AB posted its Q1-2014 results Friday, noting that "disadvantageous exchange rate fluctuations" had made a negative impact.

Highlights of the report include:

* Revenues up at SEK 686.0 (638.7) million.

* Gross profit up at SEK 578.7 (540.1) million.

* Organic growth adjusted for exchange rate effects still reached 10 percent, boosted by record underlying activity.

* Gross turnover in Sportsbook amounted to SEK 372.0 (325.4) million, representing a growth, adjusted for exchange rate and acquisition effects, of 12 percent.

* Operating income was up at SEK 171.2 (161.1 in Q1-2013) million.

* Income before tax was also better at 166.6 (160.1) million.

* Net income amounted to SEK 157.7 (151.9) million, corresponding to SEK 3.52 (3.54) per share.

* Customer deposits in all of Betsson's gaming solutions amounted to SEK 2,212.5 (2,113.9) million, despite being adversely affected by SEK 111.6 million through disadvantageous exchange rate fluctuations.

* The company has 7,283,900 registered players, of whom 360,800 are regarded as active participants.

* SEK 666.2 (606.4) million is available in liquid funds.

Operational highlights in the quarter included:

* Class One Holding Ltd, which operates the brands Oranje and Kroon Casinos, was acquired during the quarter and has, since 4 March, contributed to group's revenues with SEK 23.4 million and to the company's operating income by SEK 14.4 million.

The profit and loss statement was charged with SEK 10.1 million in acquisition costs and SEK 1.0 million in additional depreciations of the newly acquired client base.

Betsson gains market shares in both Casino and Sportsbook.

* Mobile penetration has increased from 12% to 15% over the previous quarter.

Magnus Silfverberg, Betsson's president and CEO reported:

"An organic growth of 12% in Casino, as well as a good growth in Sportsbook, means that Betsson is gaining market share. At the same time, the mobile penetration has increased from 12% to 15% over the previous quarter.

"This shows that the ongoing initiatives in personalized real-time communications, digital marketing, search engine optimization and mobile development are taking effect.

"At the same time, the acquisition of Oranje and Kroon had a positive effect on the result and both brands are showing strong growth throughout the quarter. It is clear that the company, with its initiatives and its multi-brand strategy, is well positioned both for continued growth and for future potential acquisitions."

Sportsbook performance in both the B2C and B2B divisions of the company was impressive.

In B2C gross turnover reached SEK 1331.1 (1230.6) million with margins of 6.4% (6.7 percent) delivering a gross profit of SEK 85.6 (82.8) million.

In B2B gross turnover of SEK 2449.7 (2643) million was achieved with margins at 3.7% (3.1 percent) and gross profit at SEK 90.3 (81.2) million.

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