Online gaming operator, Unibet posts stellar results

Malta-based online gaming operator Unibet Group has released its unaudited financial results for 2009 showing an impressive 67% year-on-year increase in profits after tax to £26.8 million. The results featured a 20% year-on-year rise in the number of active customers while after tax Q4 results for the fourth quarter grew from a deficit of £900,000 in Q4,2008 to the surplus of £8.4 million currently posted.

Gross winnings revenues for 2009 amounted to £138.3 million, a rise of just over ten percent year-on-year, while those for the fourth quarter grew 17% compared with the same three-month period in 2008 to £42.1 million.

Profit from operations for the fourth quarter amounted to £11 million, down 14% year-on-year, while those for the full-year declined 10% to £32.8 million compared to 2008.

Profit before tax for Q4, 2009 was £8.7 million, which was up from a loss of £300,000 for the same period in 2008, while its profits before tax for the full-year almost tripled to reach £28.9 million.

Unibet's chief executive Petter Nylander was in buoyant mood in releasing the results, saying: "Another all-time high in active customers and in gross winnings revenues in the sportsbook together with a high gross winnings margin resulted in a strong fourth quarter for 2009.

"Another important step for Unibet has been our decision to participate in the global sportsbook business-to-business market and offer our proprietary sportsbook and risk management services to external customers.

"During the fourth quarter, we made an early redemption of the Euro bond and expect to save between four to five million Euros in finance costs during the facility's duration compared to holding the bond to maturity. This saving includes early redemption costs of £1.2 million that have been charged to the consolidated income statement in the fourth quarter of 2009.

"During the first six weeks of 2010, we see good growth in the business with live betting as an important driving force."

Source: InfoPowa News

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