Preliminary Unaudited Financial Results for 2017
Amsterdam - Fortuna Entertainment Group N.V. announces its preliminary unaudited consolidated financial results for the fiscal year to 31st December 2017, prepared according to International Financial Reporting Standards (IFRS).
· Total Amounts Staked in 2017 increased by 93.1% to EUR 2,007.1 million
· Total Gross Win in 2017 increased by 87.4% to EUR 305.4 million
· Total EBITDA amounted to EUR 55.0 million up 148.1% yoy
· Net profit in 2017 increased by 86.4% to EUR 15.4 million
„The strong preliminary financial results for 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. Our Amounts Staked increased by 93.1% yoy to EUR 2 billion, Gross Win amounted to EUR 305.4 million and EBITDA reached EUR 55.0 million a yoy increase of 87.4% and 148.1% respectively. If we adjust for one-off costs related to M&A and Integration, the EBITDA increased 169.0% yoy,” said Per Widerström, CEO and Chairman of the Management Board of Fortuna Entertainment Group.
Fortuna, the leading Central Eastern European regulated fixed-odds sports betting and gaming operator present in the markets of Poland, the Czech Republic, Slovakia, Romania and Croatia recorded in 2017 total Amounts Staked figure of EUR 2,007.1 million, 93.1% more than in 2016. This increase was driven primarily by the growth in online, particularly in fixed-odds betting in all original countries, by online gaming in the Czech Republic and consolidation of new acquisitions of Hattrick Sports Group and Fortbet Romanian entities.
In 2017, total Gross Win reached EUR 305.4 million, an increase of 87.4% compared with 2016. The Gross Win increase was driven by Amounts Staked growth and improved profitability of retail sports betting channel as well as by the continuous strong performance of underlying key indicators. Gross Win margins improved in the second half of 2017 and especially in December 2017 thanks to favourable sport results and partially offset low margins in the first half of 2017 which were below average resulting in total Gross Win margin for 2017 of 15.2%.
Total consolidated EBITDA recorded in 2017 was EUR 55.0 million, up 148.1% yoy. EBITDA adjusted by one-offs related to M&A and integration costs was EUR 57.4 million, up 169.0% yoy.
In 2017 the Company recorded Net Profit for the period of EUR 15.4 million, 86.4% more than in the previous year. If adjusted by one-offs related to M&A and integration costs, the Net Profit would be EUR 20.3 million.
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