Unibet See Major Growth in 2013

henrikSwedish listed and London/Malta operated Sports betting  and igaming operator Unibet has published its year end report for period of January  to December 2013. The operator has published gross winning revenue for the period of £234.7 million (€282.1 million/$385.6 million), this saw an 19% increase on the £197.2 million achieved in the previous year.

Unibet further reported  improved figures on earnings before interest, tax, depreciation and amortization which saw a 20% increase in 2012 figures as the group reported a net revenue of £63.4 million for their yearly performance. Profit after tax saw Unibet take £40.1 m.

The Unibet report stated that the company had witnessed strong growth from strategic decisions to concentrate their brands  on re-regulated markets and new technology delivery. The sports betting operator had also been boosted by impressive performance during the fourth quarter of 2013, where the firm had posted revenues of £65.2 million for its final quarter performance.

In 2013 Unibet had refocused its operations, with a goal to save costs and business margins on gaming products.  Unibet combined this strategy with targeting of performance in re-regulated markets and growth in the scandinavian igaming market.

Henrik Tjärnström, CEOof Unibet, commented on his companies performance: “Gross winnings revenue for the fourth quarter increased 15% compared to the same period in 2012. Re-regulated gross winnings revenue increased to 29% of total gross winnings revenue reflecting the strategy initiated three years ago to transform our business.

He further added “Continued focus on efficiency meant that EBITDA increased by 20% while profit after tax and earnings per share both increased by 25%.These increases were achieved after taking account of a 50% year-on-year increase in betting duties and Unibet’s focus on re-regulated markets demonstrates that it is possible to drive efficiency and increased profitability while reducing overall corporate risk.”

Breakdown of company performance highlighted in the Unibet Performance report is as follows:-

  • Gross Winnings Revenue amounted to GBP 65.2 (56.9) million for the fourth quarter of 2013 and GBP 234.7 (197.2) million for the full year 2013.
  • Earnings before interest, tax and depreciation and amortisation (EBITDA) for the fourth quarter of 2013 were GBP 20.2 (16.8) million. EBITDA for the full year 2013, were GBP 63.4 (52.5) million. EBITDA for the fourth quarter and for the full year of 2013 was impacted by a non-recurring charge of GBP 1.15 million in respect  of the settlement of the last significant historic litigation involving Unibet.
  • Profit from operations amounted to GBP 15.5 (12.6) million for the fourth quarter of 2013 and GBP 44.5 (35.1) million for the full year 2013.
  • Profit before tax for the fourth quarter of 2013 amounted to GBP 15.4 (12.1) million. Profit before tax for the full year 2013 amounted to GBP 43.3 (34.2) million.
  • Profit after tax for the fourth quarter of 2013 amounted to GBP 14.7 (11.8) million. Profit after tax for the full year 2013 amounted to GBP 40.1 (31.6) million.
  • Earnings per share were GBP 0.526 (0.421) for the fourth quarter of 2013 and GBP 1.434 (1.132) for the full year 2013.
  • Operating cash flow before movements in working capital amounted to GBP 20.4 (16.9) million for the fourth  quarter 2013 and GBP 63.8 (51.1) million for the full year 2013.
  •  Number of active customers at the end of the quarter was 516,799 (491,958).
  • The Board of Directors proposes a dividend of GBP 1.100 (0.700) per share/SDR, which is approximately SEK 11.70 (7.11) per share/SDR and amounts to a proposed distribution to shareholders of GBP 30.8 (19.6) million.
  • AGM to be held on 20 May 2014, in Stockholm.

Unibet PLC performance report can be viewed by clicking on this link

 

(please note that the published report is yet to be audited)

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