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03 November 2011
Bingo News: Revenues increase at Unibet
Gross winnings revenues in the first 9 months of 2011 had fallen by just over 2 percent year-on-year to £109.7 million. The number of active players in the last 3 months has risen to 4621 up to 325,194 in comparison to last year.
In the third quarter Unibet made a profit of £8.2 million which was an improvement of 8 percent to £26.6 million for the period January to September.
Profit before tax for the third quarter of 2011 pushed to just over 90 percent year-on-year to £8.2 million and was an improvement of over 6 percent on the previous 9 months to £26.2 million. The profit after tax for the previous 3 months was £7.5 million, an 8 percent improvement year-on-year to £24.2 million for the 9 month period.
An amount of £10.7 million was reported as cash flow before movements in working capital for the third quarter of 2011. This was up £8.6 million for the same time period in 2010, an improvement of a million pounds for the first 9 months of the year compared to January to September 2010, resulting in £33.5 million.
“I am proud to deliver another quarter of excellent results completely driven by organic growth,” said Henrik Tjarnstrom, Chief Executive Officer for Unibet.
“Compared with the same period last year, gross winnings revenue grew by 22 percent and profit from operations grew by 47 percent. Especially pleasing is the success for Maria, which is continuing to deliver excellent results.
“Revenues for October are ahead of the same period in 2010 partly as a result of more favourable sports margins but, more importantly, through a continuation of the underlying positive trends from previous quarters.
“While Unibet continues to evaluate new opportunities in the market, I am very pleased to announce that, in addition to the share buy-backs in the quarter, the board is now proposing an interim dividend and has stated a new distribution policy that balances short-term cash distributions with our intent to invest in the business to deliver long-term profitable growth.”