Swedish gambling group reports organic growth of 16 percent
The Swedish online gambling group Betsson AB has posted another impressive set of quarterly results, highlighting the following points from its activities in the third quarter of 2014:
* Revenue increased by 30 percent to SEK 782.1 (603.4) million – the highest quarterly figure yet;
* Organic growth of 16 percent in the quarter;
* Operating income of SEK 207.2 (152.2) million, an increase of 36 percent;
* Income before tax at SEK 204.1 (149.7) million;
* Net income of SEK 193.4 (140.9) million, corresponding to SEK 4.20 (3.25) per share.
* New company record for customer deposits SEK 2,737.3 (2,027.1) million, an increase of 35 percent;
* Non-recurring expenses of SEK 9 million attributed to personnel expenses, and SEK 3.8 million in Other external expenses, both the result of restructuring initiatives.
* Oranje and Kroon online casino brands contributed SEK 83.9 million to the Group's quarterly revenues and SEK 47.9 million to net income;
* Betting on the FIFA World Cup generated 1.5 percent of the Group's revenues in the third quarter.
The company furnished YTD statistics that included:
* Revenue up by 22 percent to SEK 2,220.4 (1,821.3) million;
* Operating income at SEK 568.7 (451.1) million;
* Income before tax of SEK 558.2 (447.2) million;
* Net income of SEK 527.6 (421.1) million, corresponding to SEK 11.62 (9.74) per share.
Magnus Silfverberg, president and CEO of Betsson, comments that profitable growth has made Betsson the largest online company on Nasdaq Stockholm.
"In terms of stock market value, Betsson is now the largest pure online company on Nasdaq Stockholm," he said.
"Thanks to Betsson's strategies regarding multi-brand and a common technical platform, Betsson is in the third quarter able to deliver an organic growth of 16 percent as well as an organic growth, adjusted for one-off costs, in EBIT of 11 percent.
"Furthermore, the company continues to deliver strong growth within mobile gaming, with the share of revenue from mobile solutions now at 23 percent. With an EBIT margin of 26.5 percent, Betsson has strengthened its position as the market's most profitable online gaming company."
Online Casino News Courtesy of Infopowa