Fortuna pulls dividend to invest in online
Dividend scheme under review with switch to new betting and gaming platform imminent for Eastern Europe-facing operator
Fortuna Entertainment will pay no dividend to shareholders in 2015 as it embarks on a series of investments designed to continue its recent online growth, the company has announced.
The Central and Eastern Europe-facing operator decided at a board meeting last week it will focus on previously announced investments into a new technology platform to aid the expansion of its digital business.
Fortuna’s board has pledged to continue to consider a long-term dividend policy, but no revisions are expected until the end of the current financial year.
The firm, which currently operates in the Czech Republic, Poland and Slovakia, is eyeing greater multi-channel, multi-product and multi-country capability.
Fortuna has a strong retail presence, but it was the growth in its online sports betting which stood out when it posted full-year results last month.
The 31% increase in online sportsbook revenues to 67m was driven by in-play growth and live streaming supported by a Bwin feed.
The investment push will be led by Per Widerstrom, former managing director at Gala Interactive, who became chairman of the management board and CEO at the end of last year.