Unibet Quarterly Profit Up
Published: Wednesday, May 09, 2007 Online-Casinos.com
UNIBET QUARTERLY PROFIT UP
Weaker performance of poker operation due to Swedish government monopoly entering online poker sector last year.
CEO Petter Nylander at Unibet plc had generally good news for investors in his release of first quarter results, showing pre-tax profit for the period from January to March rising to GBP8.8 million, up from GBP8 million in the same period last year.
Profit after tax was GBP8.3 million (2006 - GBP5.6 million) whilst gross winnings rose to GBP22.3 million (GBP17 million in 2006).
Nylander said that the number of Unibet's active customers had risen to 239 929 from 190 610, but that the entry of the Swedish government monopoly Svenske Spel into the online poker sector in 2006 had diluted business and resulted in a weaker performance from Unibet's poker arm. Fortunately, this had been offset by Unibet strong growth elsewhere in the business.
Continued good cashflow from operations in the first quarter of 2007 of 7.8 million was recorded from the group's 1.7 million players in 100 countries and 20 languages.
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