Fortuna reveals ongoing financial success in first six months

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Fortuna reveals ongoing financial success in first six monthsFortuna Entertainment has cited “solid performances” in traditional markets, as well as the recent acquisition of Hattrick Sports Group, as among the key reasons behind year-on-year financial growth in the first half.

Total amount staked during the six-month period to June 30 came in at €720.7m ($857.5m), up 40.9% on the amount posted in the first half of last year.

Fortuna said this growth was driven by expansion in online betting across all of its active market, as well as the performance of Hattrick Sports, which it acquired in May.

Elsewhere, gross win at the company increased 24.5% year-on-year to €100.2m, boosted by overall growth within its online gaming business.

However, earnings before interest, tax, depreciation and amortisation dropped 22% year-on-year to €7.6m, due to one-off costs associated with expansion across the Central and Eastern Europe region, as well as the integration of acquired business operations.

In addition, total net profit for the first half dropped 53.1% to €2.5m, due to the one-off expansion and integration costs, as well as costs relating to refinancing of external debt.

Per Widerström, chief executive and chairman of the Board at Fortuna, said: “During the first half of the year, the volume of bets accepted by the group continued to grow rapidly, reaching €720.7m, up 40.9% 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.”

source :www.igamingbusiness.com

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