Fortuna gross win up 54% in 2017
European operator attributes impressive growth in nine-month period to online performance and consolidation of Hattrick Sports Group and Fortuna Romania
Fortuna has reported a 54% year-on-year increase in total gross win to €185m for the first nine months of 2017, marking the operator as a clear leader in Central and Eastern Europe according to analysts.
Total EBITDA reached €28.3m for the period, a 77.9% increase over 2016 while adjusted EBITDA, accounting for one-off costs associated with M&A and integrations, was up 105.6% year-on-year to €31.6m.
Fortuna credited strong online growth, particularly in fixed-odds betting for a 69.1% increase in amounts staked for the first three quarters of 2017, amounting to €1.3bn.
The operator’s online casino business in the Czech Republic was also a strong source of growth and the country remains the largest market in gross win contribution terms, up 21%.
“The solid reported financial results for the first nine months of 2017 reflect our growth strategy with investments into operational excellence, new platforms and regional expansion,” said Fortuna Entertainment CEO, Per Widerström.
“Thanks to that, we recorded a substantial growth in all reported key indicators.”
Paul Leyland of Regulus Partners said: “Fortuna is effectively managing material ongoing channel shift, significant diversification and benefiting from local licensing even in challenging regimes.
“Fortuna’s success perhaps in part is due to a clear understanding that market pressures put downward pressure on EBITDA, with operational excellence needed to sustain profitable growth.”