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Bwin/Party Q1 2014 numbers unimpressive
Wednesday April 9,2014 : BWIN.PARTY RESULTS CONTINUE TO DISAPPOINT
Q1 2014 numbers unimpressive.
Online gambling group Bwin.Party.Digital Entertainment has released its Q1 2014 results showing mediocre progress and highlighting the following performance indicators:
* Average daily net revenue up 4 percent on the preceding quarter but down 9 percent year-on-year as the company continues to pursue its 'volume to value' business strategy, and blames ISP blocking in Greece, migration losses and a competitive poker market in Europe for its woes;
* Total revenue up just 1 percent on the previous quarter and down 8 percent year-on-year to Euro 165.7 million;
* Nationally regulated and/or taxed markets now represent 56 percent of total revenue (2013: 51 percent);
* Mobile/touch betting increasingly important, representing 17 percent of total gross gaming revenue (2013: 8 percent);
* Company continues to cut costs, with additional cost savings of Euro 20 million per annum on-track to be delivered in 2014, with further savings in 2015 following platform integrations in France and Italy;
* Active in nascent New Jersey online gambling market and is pursuing opportunities in other states;
Norbert Teufelberger, CEO noted:
“The business has continued to deliver sequential growth since Q3 2013 that we predicted would be the low point in terms of revenue performance.
“Whilst we are investing in growing our share in nationally regulated markets, the Euro 20 million of additional cost savings should help to drive higher clean EBITDA margins in 2014.
“We remain optimistic about new market opportunities in the United States with online poker bills currently being reviewed in California and New York. On the back of our early success in New Jersey, together with our partners, we are determined to secure leading positions in all eligible states that represent a significant business opportunity."
Teufelberger also welcomed a new chairman of the board for Bwin.Party, saying:
“I am delighted to welcome Philip Yea’s appointment to the Board. Philip brings a wealth of experience that I am sure will prove invaluable as we continue our transition to nationally regulated markets. Whilst we are now moving into the seasonally quiet trading period, with the roll-out of new products, more mobile extensions and the FIFA World Cup to come, the Board remains confident about the Group’s full year prospects.”
In a separate announcement, Bwin.Party said that Philip Yea (59) will succeed Simon Duffy as chairman of the Board, and has been appointed an independent non-executive director of the Company with immediate effect, taking over the chair at the agm on May 22.
Yea is a non-executive director of Vodafone Group plc and Aberdeen Asian Smaller Companies Investment Trust plc and chairman of the Board of Trustees of the British Heart Foundation.
He has extensive experience in private equity, having been CEO of 3i Group plc from 2004 to 2009 and as a managing director at Investcorp from 1999 to 2004.
Prior to these roles he was finance director at Diageo plc and before that Guinness plc where he played a key role in the merger to form Diageo.
He has chaired a number of leading private companies, including Majid Al Futtaim Properties in Dubai and Leica Geosystems in Switzerland.
Previous public company non-executive directorships include Manchester United plc from 2000 to 2004 where he was the senior independent director, HBOS plc (2000-2004) and Halifax plc (1999-2000), and William Baird plc (1995-1999) where he was deputy chairman.
Yea is a Fellow of the Chartered Institute of Management Accountants and has a degree in Modern Languages from Oxford University.
Commenting on his appointment, Yea, who is a Bwin shareholder, said: "There are some exciting opportunities and challenges for the business as it looks to leverage its technology, further reduce costs and build shareholder value through development of its regulated business, particularly in the US.”
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