Nordic Leisure returns to FY profit
Operator posts 17% revenue increase in first results since company renaming and CEO's departure.
Swedish-listed operator Nordic Leisure has recorded a operating profit in its first full-year results since changing its name from Redbet SE.
The company recorded a profit after tax of SEK6.7m (£692,500) compared to a loss of SEK4.5m in FY 2011, with fourth-quarter profits after tax coming in at SEK3.5m.
Group revenues crossed the SEK100m threshold following a 30% year-on-year increase, while the period also saw Nordic Leisure launch the Latvian-facing Optibet.lv, which the company claims is first ever licensed egaming site in the country.
Casino represented 50% of the company’s revenues, with sports betting accounting for 32% and poker 18% in Q4 2012. The latter saw revenues fall during the fourth quarter as the Redbet, Whitebet and HeyPoker brands moved to Ongame from the IGT Poker network towards the end of the three-month period.
Today’s results were the first to be announced since the departure of former CEO Jorgen Andersson, with his replacement Claes Hallén saying of the fourth-quarter progress: “Much work remains to be done, but I am confident that we have a good foundation for expansion.
“It is our view that the geographic markets we focus on will continue to show good growth, especially in Eastern Europe.” added Hallén