mybet chief executive upbeat despite drop in revenue

mybet chief executive Osskó departsMarkus Peuler, chief executive of mybet, has urged shareholders to focus on future investment and development plans, after the company posted financial losses in the three months to September 30.

Revenue in the third quarter totalled €34.7 million ($38 million), 15.2% down on the same period last year.

Sports betting revenue dropped by 16.2% year-on-year to €21.4 million, while online revenue also fell 32.4% to €6.5 million, although retail was up by 4.8% to €14.1 million.

mybet also recorded a decline in casino revenue, down 23.8% to €11.7 million during the quarter, although the firm’s new B2B segment was able to generate €1.6 million in revenue.

However, Peuler noted that mybet was boosted by the sale of its AG business, which in turn meant earnings before interest and tax in the three-month period came in at €4.2 million, up from a loss of €6.4 million last year.

As a result, net profit amounted to €3.4 million in the quarter, compared to a loss of €4.4 million last year.

“Despite the considerably lower revenue base, our earnings before interest, taxes, depreciation and amortisation show stable development,” Peuler said.

“So we have a close eye on our costs; this is a crucial factor for achieving a turnaround in the first place.

“In addition, the growth trend in revenue from stationary betting shop business is stable and after the end of the current reporting period we secured group financing for the coming months.”

Peuler added: “We will not issue a forecast for the group’s further development until next financial year; first of all, we need reliable data on the performance of the new IT platform after the completion of the changeover process.

“The first quarter of 2017 will point the way in this respect; in the meantime, we will continue to pay close attention to costs, will make investments only in areas that promise growth and will work conscientiously to improve the company’s economic performance.”

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