Fortuna claims ‘strong profitable growth’ in 2015

Fortuna Entertainment Group has cited its performances in the third and fourth quarters of the 12-month period to December 31, 2015, as key reasons behind full-year growth across the business.

Net profit for the year came in at €19.5 million ($21.7 million), which represents an increase of 22.5% on the €15.9 million posted in the previous year.

However, adjusted profit due to deferred tax income from the group reorganisation in Poland in 2015, saw profit come in at just over €16m, relatively level with last year's result.

Adjusted earnings before interest, tax, depreciation and amortisation remained relatively level at €27.2 million, while the amounts staked by customers jumped 26.1% year-on-year from €672.4 million to €847.7 million.

Fortuna’s sports betting business continues to lead the company, accounting for €828 million of the total amount staked, up 26.3% on the previous year, while the amount staked through the lottery arm was up 17.8% to €19.7 million.

Gross win increased 11.2% year-on-year to €147.7 million, with the majority of this – €147.4 million – coming from sports betting, while lottery contributed €8.7 million to the overall figure.

Per Widerstrom, chief executive of Fortuna, said: “We are pleased to report on strong profitable growth for the full year 2015, despite the absence of big sport events as well as the abolishment of the online handling fee in Slovakia.

“Despite the continuous margin pressure, our strong performance in the third and the fourth quarters of 2015 impacted positively also our gross win that went up by 11.2% to €147.4 million.

“The main driver of our performance was expansion of online sports betting and in particular mobile sports betting in all Fortuna´s markets, as well as our focus on operational excellence and solid margins.”

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