Fortuna net profilt down significantly in H1-2015

Fortuna Entertainment Group, a Czech-bas online and land gambling operator, has reported on it H1-2015 performance, disclosing a fall in net profit of 47 percent to Euro 4.8 million (H1-2014: Euro 5.45 million) – worse than was expected by the market.

The Reuters news agency reports that EBITDA fell 39 percent to Euro 9 million, below the Euro 10.45 million expected by analysts.

Management has maintained its full year EBITDA outlook, predicting core earnings will decline by 25-30 percent year-on-year.

Performance indicators reported by the group include:

* Amounts staked of Euro 411.9 million, up by 23.6 percent;

* Strong demand for online sportsbetting, but year-on-year comparison impacted by the absence of major sport events;

* Gross Win at Euro 67.1 million, up 1.9 percent year-on-year;

* Gross Win from online sports betting increased to Euro 38.3 million, up 18.9 percent y-o-y;

* Gross Win from retail sports betting at Euro 24.8 million, a 17 percent drop y-o-y that was most pronounced in the Czech Republic and Slovakia;

* Group EBITDA down 39.1 percent at Euro 9 million, due to the cancellation of the online handling fee in Slovakia, less favourable sports results and higher marketing costs, along with a major event equivalent to the 2014 World Cup football. Sports betting EBITDA delivered just Euro 8,5 million…a year-on-year decline of 42.1 percent;

* Lottery EBITDA up almost 900 percent at Euro 475 thousand;

* Group net H1 profit ar Euro 4.8 million, down 46.9 percent year-on-year.