Fortuna posts an optimistic trading update

Eastern European online and land gambling group Fortuna Entertainment has issued a trading update declaring management’s confidence that the group will meet its FY2017 targets following a buoyant final quarter.

Management expects to achieve group revenue of Euro 1.9 billion, and has raised its FY EBITDA growth estimate to between 135 and 155 percent, well above the 80 to 95 percent expected in FY 2016.

The trading update notes group capital expenditure of between Euro 11 to 14 million will be part of the FY 2017 accounts.

Our readers may recall that earlier this year Fortuna’s major shareholder, investment fund Fortbet, announced its intention to acquire the remaining shares in the gambling group with a view to delisting the company from the Prague and Warsaw exchanges in order to make it more competitive.

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