Consolidated results positive for Fortuna

Consolidated results positive for Fortuna

Tuesday, November 14, 2017 Posted by Craig Davies
Details betting firms performance in first nine months of 2017

Fortuna Entertainment Group has posted a strong performance for the first nine months of 2017, despite integration and M&A costs having an impact.

The company’s 2017 acquisitions of hattrick sports, which was concluded in May for €135, and Fortbet Romania, for €47 in March, slightly dented EBITDA and net profit for the period.

Fortuna’s EBITDA closed at €28.3m, an increase of 77.9%, with net profit making an 18% decline to €7.9m, however, with those figures adjusted for one off costs, the former shows a year over year (yoy) rise of 105.6% to €31.6m, with net profit now reaching a figure of €14.4m representing a 59.5% increase yoy.

The Central European betting firm also reported €1.3bn in amounts stakes, a 69.1% yoy rise, which it aligns primarily to an online, particularly fixed odds, growth in Fortuna operated countries, betting by online casino in the Czech Republic and partially by the consolidations of both Hattrick Sports Group and Fortuna Romania.

In addition, the company, established in 2009, showed a gross win of €185.3 for the first nine months of 2017, a 54.1% increase to the same period in the previous year, however, with a larger figure previously anticipated, Fortuna put the decline down to less favourable sporting results in the earlier part of the year.

Per Widerström, CEO of Fortuna Entertainment Group, commented:  “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.”

Regarding its guidance for the rest of the year, including Hattrick Sports and Fortuna Romania, Fortuna expect EBITDA will increase to 80-95% yoy with amounts staked growing to €1.9bn.

Totally Gaming says: Following a disappointing start to 2017, with Q1 results hampered by unfavourable sporting results and higher operational costs, Fortuna has reported a good turnaround with its consolidated results for the first nine months of 2017, and expects further increases leading up to the year’s end.

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