Svenska Spel cites growth despite ‘tough’ competition in H1

Svenska Spel has revealed it was able to achieve financial growth in the first half of the year, despite “tough competition” in the market.

Net gaming revenue for the six months through to June 30 amounted to SEK4.4 billion (€463.4 million/$510.5 million), which represents an increase of 1% on the amount posted in the corresponding period last year.

Consolidated operating profit was up 0.9% year-on-year to SEK2.4 billion, while net income for the firm increased 1.2% to SEK2.4 billion, with a slightly lower operating margin of 22.1%.

The growth comes despite Svenska Spel reporting declines in the second quarter of the year.
For the three-month period to the end of June, net gaming revenue was down 2.4% year-on-year to SEK2.1 billion, while operating income dropped 4.8% to SEK1.1 billion.

Profit for the quarter slipped 3.5% to SEK1.1 billion, with a lower operating margin of 21%.

Lennart Käll, chief executive of Svenska Spel, said: “We increased net gaming revenue overall for the first half compared with the previous year.

“However, we saw a drop in growth, particularly during May, which affected the second quarter negatively, but from June we once again see growth.

“We will continue to strengthen customer relations further and increase the pace of innovation by delivering new experiences, new products and services where the games are to the delight of all.”

Related article: Svenska Spel chair steps down over social responsibility strategy