Year of corporate restructuring impacts Paf bottom-line

Finnish state-owned gambling operator Paf has announced that it will donate approximately €20 million to national charities and social initiatives, following its full-year 2016 financial update.

A year of corporate restructuring, which saw Paf appoint former Tain Networks Executive Per Sahlberg as its new CEO. Paf would report flat-line corporate revenues of €113 million (FY 2015: €110 million).

Nevertheless, Paf metric performance would be weighed down by a significant increase in corporate expenses to €34 million.

Closing its full-year 2016 performance, Paf governance would declare a fall in group operating profits to €15.2 million down 22% on FY 2015’s €22.7 million.

Updating investors Paf governance detailed that restructuring costs undertaken in 2016 would contribute directly to corporate growth in foreseeable future.

Presenting his first results as Paf CEO Christer Fahlstedt, said: “We have been able to keep the momentum and deliver a relatively strong result, considering the circumstances.

“Aside from a few non-recurring items, the operative result of 2016 is in line with the strong trend of the previous year. Paf’s product has gained competitive edge during the year, and we have many exciting innovations and new functions in the pipeline for 2017.

“In addition, we are implementing some organisational changes to gradually create optimal conditions for moving forward even faster as an organisation and as a company.”