With net gaming revenues up 14.1% to 14.6 million Euros, and EBITDA positive at 5.3 million Euros, the Austrian listed betting company Betbull can mark 2010 down as a reasonable year in which it shook off significant historic losses .
Financial highlights for the year 2010 included:
Betting stakes of 77.2 million Euros down 7.2% compared to 83.2 million Euros last year.
Net gaming revenue of 14.6 million Euros up 14.1% compared to 12.8 million Euros the preceding year.
EBITDA of 1.2 million Euros up 5.3 million Euros compared to Euro (4.1) million loss last year.
Profit for the year of 900,000 Euros compared to Euro (6.7) million loss last year.
Cash position as at 31 December 2010 well up at 8.8 million Euros compared to 4.8 million Euros as at 31 December 2009.
During the year Betbull sold 100% of Winners Apuestas SA, its Spanish subsidiary, to bwin Interactive Entertainment AG for 4 million Euros. The sale released Betbull from the funding obligations required by the Spanish company, allowing it to focus on its core retail business in Germany, along with a limited online offering supporting the retail activities.
Management reported that 2010 was characterised by reorganisation and cost cutting, and included the closure of premises that were underperforming.
Lower betting stakes of 77.2 million Euros for the year - down by 7.2% on the preceding year - reflected the difficult trading conditions in Germany, in particular during the period up until the rulings of the European Court of Justice on 8 September 2010, which had a positive effect on trading.
Betbull also switched domicile from London to Vienna, and appointed Nicolas Mathys as member of the administrative board and Georg Höcherl as managing director, jointly with Alexander Leip.
Simon Bold, David De Marco, Simon Fielder and David Morgan resigned as members of the board.
Leip said that the company's healthy cash position would be used to expand and develop the German business in a hopefully more liberalised German market.
Source: InfoPowa News