Mr Green eyes UK push as tax charge hammers 2014 profits
Casino firm to focus on UK market drive after 2014 EBITDA is almost wiped out by Austrian tax despite revenues soaring by 36%
Mr Green is eyeing a UK push after the operator saw its 2014 EBITDA almost wiped out by its Austrian tax dispute despite a 36% surge in revenues, according to a trading update released this morning.
The casino operator reported EBITDA for the full-year period was SEK22.8m (£1.75m), a figure significantly impacted by a SEK108.1m (£8.5m) charge in Q4 as part of its ongoing dispute with Austrian tax authorities.
Mr Green confirmed it was to take make the tax provision earlier this month but outlined its intent to contest the charge in both Austria’s constitutional court and the European Court of Justice, claiming the tax to contravene Austrian legislation and EU directives.
EBITDA for the year excluding non-recurring costs – which also comprised costs of SEK4m (£300k) related to internal restructuring – was up 26% to SEK134.8m (£10.4m).
Full-year revenues soared 36% to SEK659m (£50.6m), and chief executive Mikael Pawlo said the operator would continue its drive into regulated markets across Europe and put particular focus on the UK in 2015.
The casino firm applied for a UK licence in Q3 2014, a process which Pawlo confirmed was still ongoing.
“Provided that the Mr Green online casino is granted a gaming licence, we expect to be able to fully expand in the near future and conduct our business activities in the UK market with lower risk,” he said.
The UK licence application was the first Mr Green had made since obtaining a Malta operating licence however the operator has since obtained an Italian operating licence following its acquisition of Mybet Italia earlier this year.
The operator continued to reduce its reliance on its core Nordic markets and in Q4 derived more than half of its gross gaming revenues from other European markets, up from 37% of revenues in the corresponding period in 2013.
Earlier this month Mr Green announced Per Norman had been appointed as Pawlo’s successor with the latter due to stand down at the company’s AGM in April.