Profit Slide At Unibet
Published: Wednesday, February 20, 2008 Online-Casinos.com
PROFIT SLIDE AT UNIBET
Marketing upsets hit the bottom line
The Swedish and Malta based online sportsbetting major Unibet released disappointing Q4 and full year results to the end of December 2007 this week showing a decline in profits.
Although turnover for the full year rose to GBP 81.4 million (2006: GBP 71.8 million), profit prior to tax fell to GBP 20 million from the previous (2006) year's GBP 28.5 million.
On the quarterly numbers, turnover showed a similar pattern, rising to GBP 24.5 million (2006: GBP 19.4 million), but after tax profit sinking to GBP 2.7 million compared to the GBP 7.4 million achieved in the same quarter for 2006.
Unsatisfactory earnings, and charges related to the group's withdrawal from the Pro Tour cycle racing events together with an increase in marketing costs were detailed as the chief causes for the lapse.
Online poker helped to paint a more positive picture, with a 10 percent growth on a quarterly basis, and the active gambler base of the group increased by 15 percent over the previous quarter for both Unibet and bingo subsidiary Maria Holdings. The quarterly sportsbook margins were up at 7.5 percent.
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