bet-at-home has cited the impact of its ongoing investment strategy as the main reason behind a year-on-year increase in revenue during the six months to June 30.
Gross betting and gaming revenue in the first half totalled €65.3 million ($73.1 million), which represents a rise of 15.2% on the previous year.
Earnings before interest and tax (EBIT) were down from 42% €15.5 million to €9.6 million, as expected by the Germany and Austria-facing company, while marketing expenses hiked by 75% to €26.6 million.
Financial income increased slightly to €1.1 million, while the company also said it was able to increase its workforce by 8.6% to 290 employees.
bet-at-home anticipates that it will achieve revenue of €134 million for the full-year, 10% more than last year, with earnings before interest, tax, depreciation and amortisation expected to hit €30 million.
“In the first half of 2016, the gross betting and gaming revenue of bet-at-home.com AG Group increased further as a result of the continuing investments in the bet-at-home.com brand,” the company said in a statement.
“Highlights of the most significant investments during the reporting period include marketing campaigns as part of the European Football Championship in France, which will contribute significantly to the sustainable development and growth of the bet-at-home.com brand.
“EBIT during the first six months of the 2016 financial year amounted to €8.5 million, €7 million below the prior-year equivalent figure, as expected.
“The group’s financial income increased to €1.1 million during the first half of 2016 as a result of the investment of the large volume of existing liquid assets and issuance of short-term loans at arm’s length terms and conditions to the majority shareholder of bet-at-home.com AG.
“Accordingly, earnings before taxes amounted to €9.6 million for the first half of 2016, €7 million lower than the previous year’s equivalent figure.”
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