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Entraction reports strong 2008 financial results

26 February 2009 by CasinoListings

This story was published more than 14 years ago.

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