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Paf Financials Fell in 2014

Aland based betting firm Paf has released their 2014 financial results, noting that their profits fell by 45%.

Key financial indicators for the full year 2014 were:

  • Group revenue down 9% to €98.1 million

  • Revenue from Paf was down 11% to €65.3 million

  • Land and ship based gaming was down 5% to €32.8 million

  • Total profit dropped 45% to €17.2 million from €31.4 million last year

  • Operating profit down to €16.8 million

  • Operating margin of 17.1%

Commenting on the company’s performance Paf CEO Anders Ingves said, “Compared with the previous two financial years, 2014 was a weaker year. Profits were negatively affected by targeted major investments in areas such as marketing and by external factors such as ships changing flag, decisions by authorities, the general economic situation and stiffening international competition.”

“In the short term, investments in responsible gaming have had and are continuing to have a negative impact on revenue and profit, but in the slightly longer term safer gaming is expected to result in customers wanting to play with us, leading to improved profits. We are not satisfied with this performance in terms of either revenue or profit, and we are going into 2015 with the aim of finding and implementing measures to restore growth to Paf.”

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