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Entraction reports strong 2008 financial results

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

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