Bet-at-Home net profit slumps

Despite a healthy increase in registered customers, Betclic Everest subsidiary Bet-At-Home has released lacklustre results for its full 2011 fiscal year which have been attributed to the introduction of Austrian gaming taxes and betting duties.

Key Group performance indicators include:

–     Gross profit amounting to Euro 72.81 million (2010: Euro 66.15 million), an increase of 10.1 percent

–     Net gaming revenue amounting to Euro 66.12 million (2010: Euro 65.68 million) marginally up by 0.7 percent

–     Net profit before tax amounting to Euro 5.52 million (2010: Euro 11.16 million), decline attributed to Austrian tax and introductory charges of Euro 6.2 million.

–     Consolidated net profit of Euro 4.6 million (2010: Euro 10.47 million)

–     Working capital of Euro 40.12 million (2010: Euro 36.23 million)

–     20.3 percent increase in customers to over 2.71 million registered

–     Consolidated EBITDA Euro 5.53 million (2010: Euro 11.21 million)

The company embarked on an extensive marketing strategy during 2011 in a bid to boost market share, spending Euro 40.81 million (2010: Euro 36.66) with Euro 11.96 million spent in the last quarter of the year alone.

In a bid to strengthen the brand and viewed as a long term investment, the company will continue its marketing drive in the lead-up to the European Football Championship in Poland and Ukraine and is optimistic on increasing its gross profit by at least 10 percent during the year ahead.

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