Weaker performance recorded in last quarter, but creditable full year results
The Swedish online gambling group Betsson has posted its Q4 and FY 2013 results, showcasing a somewhat weaker quarterly performance but a solid full year.
Fourth quarter performance indicators included:
* Revenues up at SEK 655.5 (Q4 2012 :651.9) million.
* High underlying activity, although revenues were negatively impacted by record low Sportsbook margin in Q4 and by an amount of SEK 26.3 million due to unfavourable exchange rate fluctuations.
* Operating income down at SEK 150.0 (Q4 2012: 173.4) million.
* Income before lower at SEK 149.0 (Q4 2012: 173.4) million.
* Net income reduced to SEK 140.9 (Q4 2012: 166.9) million, corresponding to SEK 3.24 (3.95) per share.
* All-time high gross turnover in Sportsbook, including all gaming solutions, at SEK 4,094.6 (Q4 2012: 3,782.8) million, an increase of 8 percent.
* Active customers at 401,400, down from Q4 2012's 520,400.
* Customer deposits in all of Betsson's gaming solutions were well up and amounted to SEK 2,262.3 (Q4 2012: 2,154.8) million.
* The Board proposes a distribution to shareholders of SEK 421.5 million, corresponding to SEK 9.71 per share. The distribution per share will be affected somewhat through planned new share issues.
In a trading update, the company advised that following the reporting quarter Betsson acquired Class One Holding Ltd which operates the brands Oranje and Kroon Casino. The enterprise had revenues of Euro 32.5 million in 2013, and the EBIT margin of 67,8 percent.
Betsson reported that its full year result for 2013 included:
* Revenues up by 12 percent to SEK 2,476.7 (2,203.7) million. However, the accumulated effect of unfavourable exchange rate fluctuations negatively impacted turnover for the year by SEK 78.3 million.
* Operating income amounted to SEK 601.1 (FY 2012: 577.1) million.
* Income before tax amounted to SEK 596.2 (FY 2012: 573.6) million.
* Net income amounted to SEK 562.0 (FY 2012: 547.8) million, corresponding to SEK 12.98 (13.04) per share.
Betsson CEO and president Magnus Silfverberg commented:
"With the acquisition of Oranje and Kroon Casino Betsson gains a strategic position in the Netherlands and will be one of the largest operators in the Dutch gaming market.
"This market is expected to be re-regulated in 2015 and, when this takes place, Betsson's total profits from locally-regulated markets is expected to comprise over 25 percent of the Group's overall profit.
"At the same time, the optimization of the operating entities continues through individual real-time customer communication, digital marketing and mobile offers. These initiatives have already had a positive impact and contributed to the strong underlying activity and growth in the key product segment Casino, which despite unfavourable exchange fluctuations and strong comparable figures grew by 8 percent."
Online Casino News Courtesy of Infopowa