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Fortuna Is Facing Low Profits Yet High Bets

16.11.2017 22:49
Fortuna Group Announced a Rise In Bets, Yet Profits Go DownThe first nine months of 2017 are the lucky ones for the Central European gaming and betting operator - Fortuna Group. They have boasted about it and made a public announcement of a rise in the year-on-year report by 69.1%.
By the end of 30th September, in the first nine months, the company in their last financial report declared income of €1.3bn, with increasing of a win by 54.1% to €185.3%, taken the same period every year.
Fortuna Group’s credits for growth go to online fixed odds betting in the same countries where it operates, in some parts by the reinforcement between Fortuna Group and Hattrick Sports Group.
The entire EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) leaps by 77.9% year-on-year, or €28.3m. However, the net profits go down by 18% in the same period, or €7.9m.
The Chairman of the Management Board and CEO of Fortuna Entertainment Group, Per Widerström said: “The solid reported financial results for the first nine months of 2017 reflect our growth strategy with investments into operational excellence, new platforms, and regional expansion. Thanks to that, we recorded a substantial growth in all reported key indicators.
“Our Amounts Staked increased by 69.1% year-on-year to €1.3bn, Gross Win amounted to €185.3m and EBITDA reached €28.3m, a year-on-year increase of 54.1% and 77.9% respectively. If we adjust for one-off costs related to M&A and integration, the EBITDA increased 105.6% year-on-year. We also would like to confirm our original guidance for markets for the rest of 2017 and the increased guidance if we include the acquisitions.”
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