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WOrst Quarter Ever For Betting Promotion
Monday October 28,2013 : BETTING PROMOTION HAS WORK TO DO (Update)
Swedish sports betting firm Betting Promotion, who recently announced its acquisition of Tain AB, has reported less than satisfactory third quarter results which it attributes to poor margins in trading.
Key performance indicators for the period July - September 2013 include:
- Betting turnover: Euro 132.8 million (Q3/2012: Euro 159.8 million), down 17 percent
- Net turnover after trading fees: - Euro 173 000 (Q3/2012: Euro 802 000)
- Gross margin: - 0.13 percent (Q3/2012: 0.50) - Net Turnover after trading fees as percent of Betting Turnover
- Operating income: Euro - 1.1 million (Q3/2012: Euro - 34 000)
- Net Income: Euro -1.1 million (Q3/2012: Euro -2 000)
- Earnings per share: Euro - 0.12 (Q3/2012: Euro 0.00)
Key performance indicators for the period January - September 2013 include:
- Betting turnover: Euro 415.4 million (9M/2012: Euro 505.6 million)
- Net turnover after trading fees: Euro 603 000 (9M/2012: Euro 1.9 million)
- Gross margin: 0.15 percent (9M/2012: 0.38)
- Operating income: Euro -1.9 million (9M/2012: Euro - 607 000)
- Operating margin: - 318 percent (9M/2012: - 32 percent)
- Net Income: Euro - 2.1 million (9M/2012: Euro - 580 000)
- Earnings per share: Euro - 0.22 (9M/2012: Euro - 0.06)
The company said new regulations in Greece, Germany, Cyprus and Spain along with less sporting events on the 2013 calendar additionally had a negative impact on Betting Promotion's performance.
"I can confirm that the third quarter with a loss of 1,124 KEUR, mainly due to poor margins in trading, is one of the company's worst quarter from a historical perspective. This is a powerful signal that Betting Promotion must take quick action to return to profitability that is in line with expectations. For this reason, which can’t be overstated, it is important to find an operational structure that can help to achieve this. Therefore, I note with satisfaction that the acquisition of Tain AB goes according to plan,” commented Jonas Ornstein, chief executive officer of Betting Promotion.
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