The burgeoning Swedish online gambling network Entraction has shrugged off worldwide economic woes to deliver a strong set of Q4 and Full Year 2008 results this week.
For the year ended December 31 2008 the firm recorded an increase in net turnover of 48 percent in achieving SEK 346.1 million, well up on the previous year's SEK 234.6 million, and earnings after tax reached SEK 36.5 million, compared to a loss of SEK 33.2 million in 2007.
Performance over the last quarter of the year was also impressive, with net turnover of SEK 102.8 million - a 43.4 percent increase over Q4 2007. Earnings after tax in quarter 4 were SEK 7.3 million, a major improvement on Q4 2007when a loss of SEK 22.2 million was recorded.
Highlights for the Full Year included:
* Net turnover amounted to SEK 346.1 million (2007: 234.6 million), an increase of 47.6 percent.
* Earnings before interest, taxes, depreciation and amortisation (EBITDA) SEK 54.7 million (2007 - a loss of -4.4).
* Operating profit of SEK 40.1 million achieved (2007 - a loss of -18.5).
* Earnings after tax amounted SEK 36.5 million (2007 loss of -33.2)
* Cash flow from operating activities at SEK 80.1 million ( 2007: SEK47.7 million).
Q4 2008 highlights:
* Net turnover SEK 102.8 million (2007: SEK71.7 million), up 43.4 percent.
* Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to SEK 13.7 million ( 2007: SEK 8.4 million).
* Operating profit amounted to SEK 10.0 million (2007 - loss of-6.4).
* Operating profit excluding costs for bonuses for the full year amounted to SEK 15.8 million.
* Earnings after tax amounted to SEK 7.3 million (2007 - loss of -22.2).
* Cash flow from operating activities amounted to SEK 37.2 million (2007: SEK 24.6 million).
The Board of Directors has proposed a redemption of shares, distributing SEK 12 million to the shareholders - about SEK 0.023 per share.
Entraction Holding AB has been approved for listing on First North Premier exchange.
Poker revenues over the year totalled SEK 237 596 000 (2007: SEK 180 167 000), and casino revenues SEK 61 748 000 (2007: SEK 23 396 000), whilst Sports revenues increased to SEK 10 001 000 from SEK 7 954 000 in FY 2007.
Net sales increased to SEK 346 132 000 from SEK 234 625 000 last time.
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