Fortuna Entertainment reports impressive nine month results

Eastern and Central European land and online betting group Fortuna Entertainment has posted impressive nine months results, noting that between January and end September this year betting handle rose 69.1 percent to Euro 1.3 billion, with  growth across all key financial indicators.

Key performance indicators included:

* Total gross win over the nine month period rose 54.1 percent to Euro 185.3 million. The improvement was driven primarily by the growth in online operations, particularly in fixed-odds betting in all countries where Fortuna operates, by online casino in the Czech Republic and partially by consolidation of Hattrick Sports Group and Fortuna Romania;

* Gross win from fixed odds betting online (excl. Hattrick Sports Group and Fortuna Romania) amounted to Euro 98.9 million in the first nine months 2017, up 32 percent year-on-year;

* Total EBITDA reached Euro 28.3 million, up 77.9 percent y-o-y;

* Amounts staked from the Hattrick Sports Group consolidation reached Euro 209.6 million in the first nine months of 2017;

* Amount staked from the consolidation of Fortuna in Romania for the month of September 2017 reached Euro 34.4 million;

* EBITDA recorded by the Hattrick Sports Group from the acquisition date was Euro 7.9 million and EBITDA recorded by Fortuna Romania for the month of September 2017 Euro 300,000;

* However net profit declined 18 percent at Euro 7.9 million, impacted by discontinued lottery, M&A and integration costs;

“If we adjust for one-off costs related to M&A and integration, the EBITDA increased 105.6 percent y-o-y,” said CEO Per Widestrom, who confirmed that the full guidance issued earlier this year remains achievable.

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