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Unibet reports declining Q3 revenues, YTD still Healthy

Online gambling group, Unibet has released its third quarter results together with a summary of Year-to-date operations as follows.

Third Quarter 2010

  • Gross Winnings Revenue amounted to £31.0 million (Q3/2009: £30.1 million).
  • Profit from operations £5.6 million (Q3/2009: £8.9 million). Was negatively impacted by foreign exchange loss on operating items of £1.5 million (positive impact of £4.4 million).
  • Profit before tax £4.3 million (Q3/2009: £3.5 million). In addition to the exchange loss on operating items referred to above, profit before tax for the third quarter of 2010 was negatively impacted by unrealised exchange losses on the loan of £1.0 million (unrealised exchange loss of £4.0 million on the bond).
  • Profit after tax amounted to £3.7 million (Q3/2009: 3.0 million).
  • Operating cash flow before movements in working capital amounted to £8.6 million (Q3/2009: 11.2 million).
  • Number of active customers at the end of the quarter was 320,573 (Q3/2009: 329,721).

YTD - January to September 2010:

  • Gross Winnings Revenue amounted to £112.0 million (2009: £96.3 million).
  • Profit from operations amounted to £24.6 million (2009: £21.7 million).
  • Profit before tax amounted to £24.6 million (2009: £20.1 million).
  • Profit after tax for the period amounted to £22.4 million (2009: £18.3 million).
  • Operating cash flow before movements in working capital amounted to £32.5 million (2009: £29.3 million).

Herick Tjärnström, CEO of Unibet, comments:

“A strong quarter for sports betting. With many favourites losing, Unibet’s gross margin has been very favourable during the quarter. This has contributed to a strong overall result in what is usually a seasonally weak quarter.

“Our operating cash flow has shown a steady increase which has strengthened our balance sheet and since the end of the quarter we have repaid EUR 8 million of the bank facility ahead of schedule.

“For October 2010 the gross margin has been more normalised than 2009 but the casino activity is almost back at the revenue level from last year when we were active in the French market.

“We still remain cautious, however, about the outlook for the rest of 2010, as communicated in our first quarter report.

“Further to our comments on previous quarters, we have now formally established a new B2B business area called Kambi Sports Solutions , which provides sportsbook services both to Unibet and to third party customers”.

Source: InfoPowa News

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