The burgeoning Swedish online gambling network Entraction (owner of Net Entertainment and Wagerworks casino software platforms) has shrugged off worldwide economic woes to deliver a strong set of Q4 and Full Year 2008 results this week.
For the year ended December 31 2008 the firm recorded an increase in net turnover of 48% in achieving SEK 346.1 million, well up on the previous year's SEK 234.6 million, and earnings after tax reached SEK 36.5 million, compared to a loss of SEK 33.2 million in 2007.
Performance over the last quarter of the year was also impressive, with net turnover of SEK 102.8 million - a 43.4% increase over Q4 2007. Earnings after tax in quarter 4 were SEK 7.3 million, a major improvement on Q4 2007 when a loss of SEK 22.2 million was recorded.
Highlights for the Full Year included:
- Net turnover amounted to SEK 346.1 million (2007: 234.6 million), an increase of 47.6%.
- Earnings before interest, taxes, depreciation and amortisation (EBITDA) SEK 54.7 million (2007 - a loss of 4.4).
- Operating profit of SEK 40.1 million achieved (2007 - a loss of 18.5).
- Earnings after tax amounted SEK 36.5 million (2007 loss of 33.2)
- Cash flow from operating activities at SEK 80.1 million (2007: SEK47.7 million).
Q4 2008 highlights:
- Net turnover SEK 102.8 million (2007: SEK71.7 million), up 43.4%.
- Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to SEK 13.7 million (2007: SEK 8.4 million).
- Operating profit amounted to SEK 10.0 million (2007 - loss of 6.4).
- Operating profit excluding costs for bonuses for the full year amounted to SEK 15.8 million.
- Earnings after tax amounted to SEK 7.3 million (2007 - loss of 22.2).
- Cash flow from operating activities amounted to SEK 37.2 million (2007: SEK 24.6 million).
The Board of Directors has proposed a redemption of shares, distributing SEK 12 million to the shareholders - about SEK 0.023 per share.
Entraction Holding AB has been approved for listing on First North Premier exchange.
Poker revenues over the year totalled SEK 237,596,000 (2007: SEK 180,167,000), and casino revenues SEK 61,748,000 (2007: SEK 23,396,000), whilst Sports revenues increased to SEK 10,001,000 from SEK 7,954,000 in FY 2007.
Net sales increased to SEK 346,132,000 from SEK 234,625,000 last time.
Source: InfoPowa News