Bet-at-home report strong first half results
News on 31 Jul 2017
News on 31 Jul 2017
bet-at-home AG has reported double-digit increases in revenue and earnings for the first half 2017 period despite cutting back on marketing expenses.
Key performance highlights include:
– Gross betting and gaming revenue up 17.5 percent to Euro 76.8 million (H1/2016: Euro 65.4 million).
– Net betting and gaming revenue increased 15.9 percent to Euro 61.5 million (H1/2016: Euro 53.1 million).
– The company said investing large amounts of cash and cash equivalents and issuing short-term loans at arm’s length terms and conditions to the majority shareholder of bet-at-home.com AG, saw the Group financial result reach Euro 0.5 million (H1/2016: Euro 1.1 million), a consequence of the gradual repayment of loans granted. EBT, therefore, amounted to Euro 17.2 million (H1/2016: Euro 9.6 million).
– EBIT was Euro 16.7 million, up Euro 8.2 million or 97.2 percent (H1/2016: Euro 8.5 million).
– EBITDA of Euro 17.4 million (H1/2016: Euro 9.0 million) and Euro 12.4 million in Q2 2017.
– Group betting and gaming volume totaled Euro 1,688.6 million in the first half of 2017 (H1/2016: Euro 1,369.6 million), representing 23.3 percent year on year growth.
– Betting fees and gambling levies increased to Euro 10.1 million corresponding to the increase in gross betting and gaming revenue (H1/2016: Euro 8.0 million). European Union VAT regulations were Euro 5.2 million (H1/2016: Euro 4.3 million).
– Current liquid assets and securities of Euro 77.8 million.
The company attributes its robust performance to continued investments in the bet-at-home brand specifically customer acquisition and retention. As at 30 June 2017, the Group reported over 4.7 million registered customers (30.06.2016: 4.5 million).
Looking ahead, the Board expects gross betting and gaming revenue to increase to Euro 144 million in the 2017 fiscal year and EBITDA to reach a level between Euro 34 million and Euro 38 million.
