15th of November 2010 Author: Glo Wood
Betting group's results owed to online action
This week Fortuna Entertainment, an online and land betting group which targets Central European markets, has reported of its successful YTD period, from January to September. According to preliminary, unaudited results, the revenues noted an 11.7 percent growth to Euro 276.1 million. In the third quarter alone, overall staked amounts amounted to Euro 84.5 million, which is an 11.4 percent growth if compared to the same period in 2009.
The group CEO JiřÃ Bunda on this occasion stated: "Highly positive financial results of Fortuna recorded in the third quarter follow the strong performance of the company from the first half of this year. Apart from the rapid growth of the on-line betting segment, we have also managed to improve results from the retail betting in all markets which I consider very important.
"[Our performance] also confirms that our chosen sales strategy focusing not only on internet betting but also on our advanced retail network is successful. I am convinced that [the] expansion of our distribution network through partner outlets in cooperation with successful local entities will become the next positive driver for this segment," he added.
Year to date results of Gross Win showed an increase of 12.4 percent to EUR66.5 million, compared with 2009. The results referring to the third quarter only, note a 17.6 percent growth, amounting to EUR21.1 million. Also, EBITDA grew by 19 percent in the YTD period, reaching EUR17.2 million, while net profit for the same period registered a 21 percent growth, to EUR11.9 million.
It was stated by Fortuna spokesman that the main cause of this success lies in online betting, which has notably grown in the Czech Republic and Slovakia. Gross win from online betting boosted in the first nine months of 2010 went up to Euro 15.3 million, which is by 51 percent higher than in the same period last year. On the other side, Gross Win from internet betting noted a 53 percent boost and 48 percent increase in the Czech Republic and Slovakia respectively.
According to the group's CFO Michal Vepřek Fortuna has continued to grow dynamically after the third quarter ended, and its total bets keep rising. He added: "In October, we collected historically the biggest monthly volume of bets in the amount of approximately Euro 35 million.'
In June 2010, the group established internet betting in Hungary via its subsidiary FortunaWin, whereas in case of Poland, the ongoing decision-making situation regarding online betting will be closely followed.
"The Gross Win from on-line betting in the current markets grew during the first nine months of 2010 by more than 50 percent if compared with the same period in 2009," Fortuna spokesman added.
Another reason for these positive results is the further development of 'Live betting', which at the moment makes over 15 percent of the amounts staked through the internet.
Fortuna has conducted Initial Public Offering of its shares on October 21, 2010, on which occasion the share price was set to EUR4.3. They sold 18.2 million shares in this offering, which also included 2 million of newly issued shares, taking the offering total to EUR78.26 million.
Such demand was higher than it was originally forecast, so the issue price was set just under the upper end of the indicated price range.
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