fortuna group posts strong showing latest results

fortuna group posts strong showing latest results

by 10.11.2017 0 comments

Fortuna Entertainment Group have reported a strong performance in their consolidated results for the first nine months of 2017.

Driven largely by the growth of online betting, particularly fixed odds betting in Fortuna operated nations, the firm announced a group wagering total of €1.3bn, a 69.1% year over year (yoy) rise.

For the first nine months of the year Fortuna have also recorded total gross win figures of €185.3, an increase of 54.1% compared to the same period in 2016.  However, unfavourable sports betting results in Q1 were highlighted when pointing to an anticipated gross win decline.

Total EBITDA and net profit for the company were impacted by one off costs, relating to mergers and acquisitions (M&A) and integration, more specifically Fortuna’s 2017 purchases of Hattrick Sports which was concluded in May for €135m, and Fortbet Romania for €47m in March.

EBITDA for the period reached €28.3m, a 77.9% increase, but when adjusted for one off costs a rise of 105.6% yoy is reported, amounting to €31.6m.

Net Profit saw a slight decline of 18% to 7.9m for Fortuna, however, with adjustments related related to ‘M&A, integration costs and intangible assets impairment’ factored in, that figure reaches €14.4m, a 59.5% increase yoy.

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.

“Our Amounts Staked increased by 69.1% yoy to 1.3 billion, Gross Win amounted to 185.3 million and EBITDA reached 28.3 million a yoy increase of 54.1% and 77.9% respectively.

“If we adjust for one-off costs related to M&A and Integration, the EBITDA increased 105.6% yoy. We also would like to confirm our original guidance for markets for the rest of 2017 and the increased guidance if we include the acquisitions.“

Speaking on their guidance for the remaining period of the year, including the Hattrick Sports Group and Fortuna Romania brands, the company outlines an expected amounts staked increase to €1.9m and an EBITDA growth of 80-95% yoy.

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