67% rocket in after tax profits at Unibet

Malta-based online gambling giant has a remarkable year

Malta-based online gaming operator Unibet Group has released its unaudited financial results for 2009 showing an impressive 67 percent year-on-year increase in profits after tax to GBP 26.8 million.

The results featured a 20 percent year-on-year rise in the number of active customers while after tax Q4 results for the fourth quarter grew from a deficit of GBP 900 000 in Q4 2008 to the surplus of GBP 8.4 million currently posted.

Gross winnings revenues for 2009 amounted to GBP 138.3 million, a rise of just over ten percent year-on-year, while those for the fourth quarter grew 17 percent compared with the same three-month period in 2008 to GBP 42.1 million.

Profit from operations for the fourth quarter amounted to GBP 11 million, down 14 percent year-on-year, while those for the full-year declined 10 percent to GBP 32.8 million compared to 2008.

Profit before tax for Q4 2009 was GBP 8.7 million, which was up from a loss of GBP 300 000 for the same period in 2008, while its profits before tax for the full-year almost tripled to reach GBP 28.9 million.

Unibet's chief executive Petter Nylander was in buoyant mood in releasing the results, saying: “Another all-time high in active customers and in gross winnings revenues in the sportsbook together with a high gross winnings margin resulted in a strong fourth quarter for 2009.

“Another important step for Unibet has been our decision to participate in the global sportsbook business-to-business market and offer our proprietary sportsbook and risk management services to external customers.

“During the fourth quarter, we made an early redemption of the Euro bond and expect to save between four to five million Euros in finance costs during the facility’s duration compared to holding the bond to maturity. This saving includes early redemption costs of GBP 1.2 million that have been charged to the consolidated income statement in the fourth quarter of 2009.

“During the first six weeks of 2010, we see good growth in the business with live betting as an important driving force.”

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