Online betting firm The Unibet Group has released its first quarter 2012 financial results, highlighting a strong performance.
Key financial indicators for the period ending March 31st were:
Gross winnings revenue up 36 per cent, amounting to £51.1 million (Q1/2011: £37.5 million)
Successful completion of acquisition of Betchoice Corporation Pty Ltd for an initial
AUD 20 million (£13.6 million)
Expansion into regulated markets has resulted in a betting duty of £3.0 million during the first quarter. M&A transaction costs were £0.8 million and amortization of acquired assets were £0.8 million for the first quarter.
EBITDA £15.3 million (Q1/2011: £13.1 million)
Profit from operations amounted to £11.6 million (Q1/2011: £11.2 million)
Profit before tax amounted to £11.7 million (Q1/2011: £10.8 million)
Profit after tax amounted to £10.8 million (Q1/2011: £10.0 million)
Earnings per share £0.381 million (Q1/2011: £0.355)
Operating cash flow before movements in working capital amounted to £15.3 million (Q1/2011: £13.2 million)
Number of active customers 403,788 (Q1/2011: 328,054)
Commenting on his company's performance, Unibet CEO Henrik Tjärnström said:
“Unibet delivered another all-time high in Gross Winnings powered by its market-leading sportsbook, Kambi Sports Solutions , while at the same time undergoing a rapid transformation as more than 15 per cent of the gross winnings revenue in the quarter came from re-regulated markets. This development will continue through the year as Australia and Bet24 are fully integrated and our recent licence in Belgium is activated.”
“We continue to develop the business in line with our strategy and through the acquisitions of EurosportBet , Betchoice and Bet24 we are significantly increasing our exposure to re-regulated markets and at the same time taking us into major new markets outside Europe."
"These strategic developments will change our business model over time and I am confident that we are building a position to be a market-leader in the next generation online market.”