Fortuna’s growth strategy pays off in Q1
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Fortuna Entertainment Group has cited the impact of its ongoing growth strategy as the main reason behind financial success in the first quarter.
Total gross win in the three-month period amounted to €110m ($129.9m), up 157.6% on the opening quarter of 2017.
Fortuna put this increase down to a sharp rise in the amount staked by punters in the period, which was up 163.7% year-on-year to €797m.
Total consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) rocketed 665.6% to €22.7m, as a result of higher betting volumes, online gaming addition and the consolidation of Hattrick Sports Group and Fortuna Romania.
Total EBITDA for the quarter, if adjusted by one-offs related to integration, was up 723.9% to €22.8m.
Fortuna also noted that total net profit for quarter was up 923.6% year-on-year to €14m, and if adjusted by one-offs related to integration and M&A costs, this figure increased 1,113.4% to €14.2m.
Per Widerström, chief executive and chairman of the board of Fortuna, said: “The strong reported financial results for the first quarter of 2018 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, this driven both by strong organic growth as well as M&A.
“We also would like to confirm our guidance for the rest of 2018.”
Related article: Fortuna cites investments as financials rise in 2017