Delivers significant revenue growth during first half 2016
Online gaming firm bet-at-home.com AG Group reported positive earnings during its first half 2016 fiscal period, saying an investment in marketing, in the lead up to, and during the Euro 2016 football tournament had proven successful in increasing brand recognition and new customer registrations.
The Betclic Everest Group-owned company reported EBITDA of Euro 9 million (H1/2015: Euro 16 million) despite what it describes as “intensive marketing investments connected with the European Football Championship”.
Second quarter 2016 EBITDA amounted to Euro 1.5 million (Q2/2015: Euro 6.4 million) contributing positive earnings “to the pleasing trend during the period under review”, a company statement reads.
EBIT during the first six months of the 2016 financial year amounted to Euro 8.5 million (H1/2015: Euro 15.5 million). The Group’s financial income increased to Euro 1.1 million (H1/2015: Euro 1.0 million). EBT amounted to Euro 9.6 million (H1/2015: Euro 16.6 million).
Bet-At-Home reported “marked growth” in gross betting and gaming revenues which amounted to Euro 65.4 million (H1/2015: Euro 56.7 million), an increase of 15.2 percent. Betting and gaming volume totaled Euro 1,369.6 million (H1/2015: Euro 1,172.3 million), up 16.8 percent year on year.
Betting fees and gambling levies increased 15.7 percent to Euro 8.0 million, reflecting the growth in gross betting and gaming revenue (H1/2015: Euro 6.9 million). VAT regulations for electronic service providers in the European Union cost the company Euro 4.3 million (H1/ 2015: Euro 3.2 million). Net betting and gaming revenue grew by 13.9 percent to Euro 53.1 million as a result (H1/2015: Euro 46.6 million).
Costs of the company’s intensive marketing campaigns totaled Euro 26.6 million, up 75 percent over H1/2015, but attracted an additional 400,000 registered customers.
Other operating expenses, largely resulting from further investments in its broad product portfolio, amounted to Euro 9.5 million in the first half of 2016 (H1/2015: Euro 8.2 million).
Taking account of an equity-reducing dividend payout of Euro 15.8 million in May 2016, the company reported consolidated equity amounting to a total of Euro 84.4 million as of June 30, 2016 (December 31, 2015: Euro 94.0 million), equivalent to a 67.7 percent consolidated equity ratio (December 31, 2015: 74.2 percent).
Liquid assets and current securities amounted to Euro 43.5 million as of June 30, 2016 (December 31, 2015: Euro 50.1 million).
Assuming an unchanged regulatory and tax law environment, Bet-At-Home.com Group AG’s Management Board anticipates growth in gross betting and gaming revenue in the 2016 fiscal year of 10 percent to reach Euro 134.0 million and EBITDA to reach a level of about Euro 30.0 million in the 2016 fiscal year.
Online Casino News Courtesy of Infopowa