Unibet Reports On F.y. 2014

UNIBET REPORTS ON F.Y. 2014

11th February, 2015 at 03:09:57
Source: http://www.azonlinecasinos.com

CEO claims strong growth in profitability.

The Unibet online gambling group has posted its year-end report for the period January - December 2014, qualifying its results with the observation that the numbers include Kambi's results up to 31 May 2014 and a significant non-recurring net gain of £ 35.3 million as a result of the disposal of that company.

Fourth quarter highlights reported by the group include:

* Gross winnings revenue of £ 78.0 (74.4) million for the fourth quarter of 2014 and £ 312.0 (268.0) million for the full year 2014;

* EBITDA for the fourth quarter of 2014 at £ 18.9 (20.2) million, and EBITDA for the full year 2014 at £ 115.7 (63.4) million;

* Profit from operations for the fourth quarter of 2014 amounted to £ 15.3 (15.5) million and £ 98.9 (44.5) million for the full year 2014;

* Profit before tax for the fourth quarter of 2014 came in at £ 15.4 (15.4) million and £ 99.0 (43.3) million for the full year 2014;

* Profit after tax for the fourth quarter of 2014 amounted to £ 13.5 (14.7) million and £ 93.4 (40.1) million for the full year 2014;

* Operating cash flow before movements in working capital amounted to £ 18.6 (20.4) million for the fourth quarter of 2014 and £ 78.2 (63.8) million for the full year 2014;

* Number of active customers at the end of the quarter was 570,360 (516,799);

* The Board of Directors proposes a dividend of £ 1.640 (1.100) per share/SDR, which is approximately SEK 20.90 (11.70) per share/SDR and amounts to a proposed distribution to shareholders of £ 46.7 (30.8) million.

Chief Executive Officer, Henrik Tj√€rnstr√∂m, CEO reported to shareholders that compared with the fourth quarter 2013, this quarter was significantly influenced by exchange rate movements on Unibet's main currencies.

"If the average exchange rates for the fourth quarter 2013 were applied to this quarter, gross winnings revenue would be approximately £ 84.5 million," Tj√€rnstr√∂m said. "Excluding the effects of exchange rate movements and excluding Kambi's contribution the underlying growth in gross winnings revenue was 16% compared to the fourth quarter 2013.

In spite of a sports betting margin below the long term average, Unibet's markets continue to show strong growth and profitability. Also our mobile offering continues to grow and is now over 43 per cent of the gross winnings revenue."

He went on to comment: The strong performance of the group resulted in an increase in the free cash flow of 41 percent. Against this background, the Board has proposed a cash dividend of £ 1.640 which is approximately SEK 20.90, a growth of 79 per cent in SEK.

The Q4 report also includes a negative FX charge of £ 1.6 million of which £ 1.2 million relates to unrealised translation differences. A major component of this translation adjustment relates to net cash balances that Unibet holds in SEK to fund the proposed 2015 dividend.'

Giving a trading update, Tj√€rnstr√∂m revealed:

In the first five weeks of the first quarter average daily gross winnings revenue has increased by approximately 5% in £ and approximately 16% in local currencies over the same period in 2014.

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