Betbull overcomes historic losses

With net gaming revenues up 14.1 percent to Euro14.6 million, and EBITDA positive at Euro 5.3 million, the Austrian listed betting company Betbull can mark 2010 down as a reasonable year in which it shook off significant historic losses .
Financial highlights for the year 2010 included:
* Betting stakes of Euro 77.2 million down 7.2 percent compared to Euro 83.2 million last year.
* Net gaming revenue of Euro 14.6 million up 14.1 percent compared to Euro 12.8 million the preceding year.
* EBITDA of Euro 1.2 million up Euro 5.3 million compared to Euro (4.1) million loss last year.
* Profit for the year of Euro 900 000 compared to Euro (6.7) million loss last year.
* Cash position as at 31 December 2010 well up at Euro 8.8 million compared to Euro 4.8 million as at 31 December 2009.
During the year Betbull sold 100 percent of Winners Apuestas SA, its Spanish subsidiary, to bwin Interactive Entertainment AG for Euro 4 million . The sale released Betbull from the funding obligations required by the Spanish company, allowing it to focus on its core retail business in Germany, along with a limited online offering supporting the retail activities.
Management reported that 2010 was characterised by reorganisation and cost cutting, and included the closure of premises that were underperforming.
Lower betting stakes of Euro 77.2 million for the year – down by 7.2 percent on the preceding year – reflected the difficult trading conditions in Germany, in particular during the period up until the rulings of the European Court of Justice on 8 September 2010, which had a positive effect on trading.
Betbull also switched domicile from London to Vienna, and appointed Nicolas Mathys as member of the administrative board and Georg Höcherl as managing director, jointly with Alexander Leip.
Simon Bold, David De Marco, Simon Fielder and David Morgan resigned as members of the board.
Leip said that the company’s healthy cash position would be used to expand and develop the German business in a hopefully more liberalised German market.

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