Unibet Reveals First Half Results

Unibet Group plc, a Swedish online gambling operator has released both its Second Quarter 2011, and First Half 2011 financial results.

Overall, Unibet showed negative growth from the same period last year. Unibet says that pulling out of the French gambling market and not having the World Cup hurt financials for this time period. Poker is the biggest loser for the company, while Casino and Games hold 60% of the company's revenue.

Unibet CEO Henrik Tjärnström put a positive twist on the financial results, saying: “I am pleased to report another quarter of strong underlying results. Excluding the additional effect of the World Cup in 2010 and adjusting both for France (22% of overall revenue in Q2/2010) and for the positive currency benefits in 2011, Unibet’s underlying growth in gross winnings revenue was 16% year-on-year.

“During the first half of 2011 we have assessed a number of possible acquisition targets in line with our strategy to focus on opportunities for controlled growth in new regions with potential for long-term profitability. We continue to evaluate potential consolidation or growth opportunities while keeping a strong focus on the core business.”

First Half Financial Indicators for 2011 were:

• Gross Winnings Revenue of £71.8 million, down from £81.0 million during the same period last year
• Profit from operations of £18.4 million, down from £19.0 million during the same period last year
• Profit before tax of £18.0 million, down from £20.3 million during the same period last year
• Profit after taxes of £16.7 million, down from £18.6 million during the same period last year

Second Quarter 2011 Financial Indicators were:

• Gross Winnings Revenue of £34.3 million, down from £39.2 million during the same period last year
• Profit from operations of £7.3 million, down from £8.4 million during the same period last year
• Profit before tax of £7.2 million, down from £10.0 million during the same period last year
• Profit after taxes of £6.7 million, down from £9.1 million during the same period last year
• Active customers for the second quarter of 301,038, down from 402,091 during the same period last year

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