Finland’s RAY cites tough market conditions for no growth in 2014

RAY
Velipekka Nummikoski

Finnish state owned gambling operator RAY reported no growth in its operations for 2014, as the national operator reported a 1.9% decline in its full year 2014 revenues.

2014 revenues had recorded a revenue decrease of €15 million to €776 million (-1.9%) on its 2013 performance figures, as RAY senior management cited that it had been effected by challenging market conditions in Finland.

RAY reported that it had witnessed seen declines throughout all of its product verticals, as the operators retail gambling operations (its primary revenue generator) saw a revenue fall of 2.1% to €581 million. The operators arcade stores further recorded a 1.5% decline in revenue performance to €94 million.

The operator additionally saw no increase in its digital gaming platform  which had produced no growth in 2014. The poor performance by the national operator, will likely lead to a review of market strategy, as RAY looks to recover its market position against remote gambling operators targeting Finish gambling consumers.

Velipekka Nummikoski, RAY Managing Director commented on company performance

“The financial situation in Finland was challenging, which was duly reflected in gaming as well. The fact that our results remained as good as they did is thanks to our entire staff, who were quick to adapt to the changes we implemented over the year.In 2015, RAY will continue to systematically implement its strategy in an efficient and responsible manner.”

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