Unibet enjoys profit hike as revenue hits record high in Q1

Unibet enjoys profit hike as revenue hits record high in Q1Unibet has revealed widespread year-on-year financial growth during the three months to March 31, 2016, with gross winnings revenue hitting an all-time high of £122.4 million (€157.9 million/$178.5 million) and profit also increasing.

Total revenue for the first quarter represents an increase of 61% on the £76.1 million posted in the same three-month period last year, while earnings before interest, tax, depreciation and amortisation (EBITDA) also jumped 80% year-on-year to £26.7 million.

Profit before tax almost doubled from £11.3 million to £22.5 million, while profit after tax jumped by 100% from £10 million to £20 million.

Earnings per share in the first quarter increased from £0.044 to £0.087, with the number of active customers using the firm’s services rocketing from 612,269 to 1,006,365.

Henrik Tjärnström, chief executive of Unibet, said: “Unibet’s growth continued to develop strongly in the first quarter, with an increase of gross winnings revenue in GBP of 61%, and 58% constant currency, compared to the first quarter last year.

“This is again significantly higher growth than the overall market and indicates that we are continuing to take market share across the board.

“Gross winnings revenue in the Nordic region grew by 58%, while Western Europe grew by 63%; in both regions the organic growth in constant currency was approximately 40%.

“In the period up to April 24, 2016, average daily gross winnings revenue has increased by approximately 50% compared to the same period in 2015, despite lower sports betting margins.

“Excluding iGame Group and Stan James Online the organic increase is well over 20% in constant currency.”

source : www.igamingbusiness.com

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