Internet betting group bwin.party has released its trading update for the nine months of 2015 so far, noting lower revenues due to the UK Point of Consumption Tax that has been implemented that charges taxes for operators operating in Great Britain.
Key financial indicators for the nine months thus far are:
EBITDA up 5% to €79.8 million
Total Revenue down 8% to €429.9 million
Daily revenues up 9% to €1.484 million
Commenting on his company's performance bwin CEO Norbert Teufelberger said, "Whilst our year-on-year revenue performance has been held back by the impact of EU VAT and the absence of a major football tournament, we have a made a strong start in the fourth quarter, particularly in sports betting and casino."
"Despite the impact of the introduction of VAT in a number of EU markets, as well as the POCT that was introduced on 1 December 2014, our Clean EBITDA for the nine months ended 30 September is 5% ahead of the same period last year. Excluding the impact of EU VAT and the POCT, Clean EBITDA would have been €96.1m, an increase of 26% on the same period last year."
"Current trading has been strong, despite the impact of EU VAT and further declines in poker. With solid progress on expanding our mobile footprint and the full year benefit of the cost savings already made, we remain confident about the outlook."