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UNIBET POSTS STRONG Q1/2011 RESULTS

Written On  5/12/11 By Recentpoker.com staff writer Frank Polliern :

Company performs well across all its major markets
 
Malta-based online gambling and betting company, Unibet Group plc delivered another strong quarter in its interim report for the period January to March 2011.
 
The company's withdrawal from France represented 23 percent of gross winnings revenue in 2010, yet the company still posted a growth of 16 percent in gross winnings revenue during its first quarter 2011 and has shown a gain in market share in the Nordic region.
 
Key performance indicators for first quarter 2011 include:
 
-  Gross winnings revenue amounted to GBP 37.5 million (Q1/2010: 41.8 million)
-  Profit from operations amounted to GBP 11.2 million (Q1/2010: 10.6 million)
-  Profit after tax amounted to GBP 10.0 million (Q1/2010: 9.5 million)
-  Number of active customers at the end of the quarter was 328,054 (Q1/2010: 379,473)
-  Gross winnings revenue for sports betting amounted to GBP 15.4 million (Q1/2010 17.6 million)
-  Gross winnings for other products amounted to GBP 22.1 million (Q1/2010: 24.1 million)
-  Live betting accounted for 57 percent (Q1/2010: 52 percent) of turnover on sports betting, excluding Free Bets
 
Henrik Tjärnström, CEO of Unibet said: "I am pleased to announce that the first quarter of 2011 was another strong quarter for Unibet were we have continued to perform well across all our major markets fully in line with our strategy.
 
“In the Nordics the growth year on year was 24 per cent which shows that we are gaining strong market share. The rest of the business has also grown well especially considering that France represented 23 per cent of the gross winnings revenue last year. "
The company's strategy for the next three years will see it re-focusing on core markets such as the Nordics and delivering a profitable growth even as Europe's markets develop and re-regulate.
 
“I expect consolidation within our industry to develop further, and we continue to evaluate opportunities that enhance shareholder value. Options for controlled growth in new regions are also constantly under review, with Unibet focusing on regions with high potential for long-term profitability,” Tjärnström added.



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