Online gaming group Betsson has released its fourth quarter and full year 2011 financial results while highlighting the company's strong results in the report.
Key financial indicators for the fourth quarter were:
Revenues amounted to SEK 515.2 million (Q4/2010: SEK 484.3 million) and the operating margin amounted to 33.4% (Q4/2010: 26.4%)
Operating income amounted to SEK 172.3 million (Q4/2010: SEK 127.7 million), equivalent to an increase of 35%
Income before tax amounted to SEK 172.9 million (Q4/2010: SEK 128.7 million)
Net income totaled SEK 165.8 million (Q4/2010: SEK 125.2 million), corresponding to SEK 4.01 (Q4/2010: 3.19) per share
Betsson has no interest-bearing liabilities and liquid funds amounted to SEK 509.7 million (Q4/2010: SEK 497.1 million)
A withdrawal from a gaming account by the player who won the record jackpot at the end of the third quarter had a negative impact of EUR 11.7 million on liquid funds
One new B2B agreement was signed during the quarter, with Berlingske Media in Denmark
Betsson received a gaming license in Denmark during the quarter
The integration of Betsafe is developing according to plan
In the mobile technology area, Betsson complemented its existing Livescore and Sportsbook apps with a Casino app during the fourth quarter.
Business to Customer:
All time high in gross profit levels to SEK 300.7 million (Q4/2010: SEK 153.2 million) representing an increase of 96% (including Betsafe) and 24% (excluding Betsafe).
Betsafe contributed SEK 110.3 million to gross profit.
Nordic customers accounted for 80% (Q4/2010: 75%) of the segment, while the EU accounted for 18% (Q4:2010: 27%)
Business to Business:
Gross profit in B2B amounted to SEK 132.6 million (Q4/2010: SEK 238.3) million. Primarily attributed to divestment of Turkish customer base and weak Turkish currency.
A new B2B agreement signed with the Danish media company, Berlingske Media
Gaming solution offered through Realm Entertainment continues to develop positively.
Key performance indicators for the full 2011 year were:
Revenues increased by 8% to SEK 1,736.6 million (2010: SEK 1,603.2 million) and the operating margin amounted to 32.2% (2010: 23.7%)
Operating income amounted to SEK 559.7 million (2010: SEK 380.6 million), equivalent to an increase of 47%
Income before tax amounted to SEK 555.4 million (2010: SEK 382.5 million)
Net income totaled SEK 527.8 million (2010: SEK 365.7 million), corresponding to SEK 13.12 (9.32) per share
Commenting on his company's performance, Betsson President and CEO Magnus Silfverberg said “Betsson now ranks as one of the world’s most influential gaming companies. We have achieved this position thanks to our strong growth and profitability as well as Betsson’s long-term efforts to create attractive gaming solutions for both partners and end users."
"During the fourth quarter, Betsson has experienced an all-time high in both activity and deposits, while the Group sits at the forefront in the technological development towards a new, reregulated reality in Europe.”