Swedish betting firm Betsson has published its first half 2016 financial results, noting that income fell from the year prior.
Key financial indicators for the first half ending June 30th, 2016 were:
- Net income of SEK 380.3 million, down from SEK 425.7 million the year prior.
- Operating income of SEK 408.4 million, down from SEK 451.8 million last year.
- Pre-tax income of SEK 405.3 million, down from SEK 488.7 million last year.
- Earnings per share of SEK 2.75, down from SEK 3.08 last year.
- Revenues were up to SEK 1.9 billion, up 13% from last year.
Second quarter financials were as follows:
- Revenues up 9% to SEK 935.4 million, up 9%.
- Net Income down to SEK 146.4 million, down from SEK 201.6 million last year.
- Operating income of SEK158.3 million.
Commenting on his company's performance Betsson CEO Ulrik Bengtsson said, "The results in the second quarter did not live up to our expectations. Many factors made the quarter challenging; primarily unfavorable currency effects, lower than average sportsbook margins and lower revenue in certain markets, partly due to regulatory changes.
"Betsson's subsidiaries operate in a dynamic environment, which is highly demanding. They have taken several actions in the past months in order to increase growth and thereby profitability. The sportsbook offering and functionality have been improved considerably, new exciting products have been launched and our casino has been upgraded."
"These actions will affect future quarters, and we have already in the end of the second quarter seen a strong uplift in active customers. The third quarter has started with daily revenue significantly above the average of the second quarter."