Fortuna hails online growth as key financials rise

Fortuna Entertainment has said the performance of its online businesses helped drive growth across key financials in the nine months to September 30.

Total gross win for the period came in at €185.3m ($215.8m), which represents an increase of 54.1% on the amount generated in the first three quarters of last year.

The amount staked by Fortuna customers during the nine months amounted to €1.3bn, which is some 69.1% ahead of last year.

Fortuna put this rise down to growth within in its online business, particularly in fixed-odds betting in countries where the firm operates, by online casino in the Czech Republic and partially by the consolidation of Hattrick Sports Group and Fortuna Romania.

Meanwhile, total earnings before interest, tax, depreciation and amortisation (EBITDA) reached €28.3m in the first nine months of 2017, 77.9% more than in the same period last year.

Fortuna also noted that EBITDA adjusted by one-offs related to M&A activity and integration costs was €31.6m, which is up 105.6% on a year-on-year basis.

In addition, total net profit amounted to €7.9m, which is 18% down on last year, but when adjusted for one-off costs related to M&A, integration and intangible assets, this figure stands at €14.4m and is up 59.5% year-on-year.

Per Widerström, chief executive of Fortuna, said: “The solid reported financial results for the first nine months of 2017 reflect our growth strategy with investments into operational excellence, new platforms and regional expansion.

“Thanks to that, we recorded a substantial growth in all reported key indicators.

“We also would like to confirm our original guidance for markets for the rest of 2017 and the increased guidance if we include the acquisitions.”

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