Finnish gaming company Paf has cited its acquisition of Italian brand Winga as one of the main reasons behind record revenue figures in 2015.
Revenue during the 12-month period came in at €110 million ($124.6 million), which represents not only a 12% increase on the €98.1 million posted in the previous year, but also a record result for the firm.
Online activities contributed €76.4 million to the total revenue figure, up 17% on last year, while revenue from gaming on land and ships also increased by 2% to €33.6 million.
Profit was also up 32% year-on-year to €22.7 million, with Paf proposing €20m of its annual profit be allocated to the Åland local government for spending on good causes.
Paf said the Åland government will also receive €11.1 million in repaid gaming tax arrears from the Finnish state.
Johan Rothberg, acting chief executive at Paf, said: “After a period of decreasing revenue, Paf returned to growth during the second half of 2015; the total revenue amounted to €110 million, the highest in the 50-year history of Paf.
“The acquisition of the Italian online gaming company Winga at the end of 2014 was a strong contributing factor in the revenue growth.
“Regarding the costs, substantial investments were made during the financial year in the continued development of our own games and online operation and in the development of a new, fully responsive gaming site which was launched in December – that is the reason behind the increased development costs during 2015
“Our already ongoing international expansion into new markets must continue if we want to be able to contribute to good causes in the future on the same scale as today.
“This concerns mainly online gaming but also ship-based gaming where we must reach out beyond the Baltic Sea in order to grow.
“This requires direct buy-outs, increased marketing efforts and increased investment in existing and new technical equipment with the aim of strengthening our offering.”
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