Paf reports profit jump of 105% for full-year 2021
Operator champions B2B division in Switzerland as highest-spending derived revenue decrease
Paf has posted a 105% year-on-year (YoY) increase in full-year profit for 2021, even after reducing contributions from its highest-spending customers.
The Åland Islands-based firm reported profit of €34.3m for 2021, up from the €16.7m recorded in 2020.
Paf said this positive result was due to its international success, driven by its growth in Switzerland.
Paf acts as a supplier to the online arm of Grand Casino Luzern, which has carved out a leading market share of 33%.
Paf also returned a 19% YoY rise in revenue from €113m to €135m in 2021.
The operator has increased its revenue from its lowest-spending customers, or ‘green’ customers, while reducing revenue from its highest-spending customers, or ‘orange’ customers.
Green customers, those who spend between €0 and €8,000 per year, returned an 11.3% increase in revenue for the group to €134.4m, up from €120.7m in 2021.
Revenue from orange customers, those who spend between €15,001 and €30,000 per year, fell by 23.3% from €18.3m to €14m.
However, revenue from mid-spending ‘yellow’ customers (€8,001 to €15,000 annual spend) increased from €24.8m to €29.3m.
Paf also increased its donations to charities thanks to the increase in profit and revenue, with contributions rising to €20.5m
Christer Fahlstedt, Paf CEO, said: “We can see a stable increase in revenue in the international markets that we are actively investing in. It is gratifying when persistence and hard work now delivers results.”
Touching on the increase in green customers, Fahlstedt added: “We are proud to deliver one of the best results in Paf’s history and at the same time we have a customer base that is more sustainable than ever. Our 2021 result is built on the right kind of money.”