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REDBET RELEASES 2010 RESULTS
Posted 2/17/11 : Looking to expand into new markets
A return to profitability in the fourth quarter of 2010 follows a year of cost-cutting and restructuring for Swedish online gaming firm Redbet Holding AB.
The company reported operating revenues of SEK 17.1 million in Q4/2010, a decrease of 14 percent compared to Q4:2009 but an increase of 19 percent compared to Q3/2010.
Over the Full Year period ending 31 December 2010, operating revenues amounted to SEK 67 million (2009: SEK 100.2 million). Profit after tax was SEK -2.39 million (2009: SEK -5.2 million).
Jorgen Andersson, CEO Redbet Holding AB commented on the results:
"Operating income for the fourth quarter was a gain of 0.8 million. The improvement was driven by a significant increase in revenues while costs were reduced further.
"The company showed heavy losses in early 2010 because of excessive costs and declining revenues. We immediately began an extensive action to reduce costs and reverse the negative revenue trend.
"The company has now achieved profitability and has a strong financial position after the capital increase in October. We can now accelerate our expansion efforts in new markets, while we work hard to strengthen our position in existing markets."
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