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Fortuna reveals ongoing financial success in first six months

Fortuna Entertainment Group N. V., the leading Central European regulated multi-channel fixed odds betting and gaming operator, has announced preliminary unaudited consolidated results for the first half of 2017.

–           Total Amounts Staked increased by 40.9 percent to EUR 720.7m in H1 2017

–           Total Gross Win for this period grew by 24.5 percent to EUR 100.2m

–           Total EBITDA decreased by 22 percent to EUR 7.6m

“During the first half of the year, the volume of bets accepted by the Group continued to grow rapidly, reaching EUR 720.7m, up 40.9 percent compared to the same period the previous year. This strong growth was the result of solid performances in all traditional markets where Fortuna operates. The recently acquired Hattrick Sports Group Ltd., operating in Romania, Croatia and other countries, also contributed. Our operating profitability, as measured by EBITDA, was mainly influenced by the one-off costs associated with our expansion across the CEE region, coupled with integration into the Group of recently acquired business operations,” said Per Widerström, CEO and Chairman of the Board, Fortuna Entertainment Group N.V.

In the first six months of 2017, Fortuna recorded total Amounts Staked of EUR 720.7m, which, compared with the same period the previous year, is an increase of 40.9 percent. This strong growth in the volume of accepted bets was mainly driven by continued expansion in online betting across all markets, including online gaming in the Czech Republic. It was also supported by the performance of Hattrick Sports Group Ltd., consolidated since the end of May 2017.

During the first six months of 2017 Fortuna’s Gross Win increased by 24.5 percent year on year to EUR 100.2m. The growth in Gross Win was mainly driven by an expansion of the online side of the Group’s gaming business, which is characterised by a lower margin.

Fortuna Entertainment Group’s EBITDA for the first half of 2017 was EUR 7.6m, 22 percent lower than during the same period the previous year. EBITDA was significantly affected by one-off costs associated with expansion across the CEE region and the integration into the Group of recently acquired business operations. Excluding these one-off costs, EBITDA would have increased by about 8 percent year on year.

The Group’s total net profit for H1 2017 was EUR 2.5m, 53.1 percent lower than H1 2016 figures. This decrease was caused by the aforementioned one-off expansion and integration costs as well as one-off costs relating to the refinancing of the Group’s external debt.…

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Source: EEGaming.