Italian venture boosts Paf revenues
Winga acquisition and slots launch in Spain contributes to 17% online revenue rise
Paf’s entry into the Italian online gambling market helped the firm post a 17% rise in full-year revenues in 2015, the firm announced this morning.
The ??land–based operator recorded online revenues of ?76.4m, which made up the lion’s share of group revenues, which the firm said were a record at ?110m.
Paf acting CEO Johan Rothberg said the operator’s digital numbers had been boosted by its Italian market entry via the December 2014 acquisition of Winga, as well as the addition of online slots in Spain last summer.
“After a period of decreasing revenue, Paf returned to growth during the second half of 2015,” Rothberg said.
“The acquisition of the Italian online gaming company Winga at the end of 2014 was a strong contributing factor in the revenue growth,” he added.
The firm said further international expansion would drive future growth – the operator recently parted ways with former CEO Anders Ingves due to a disagreement over its growth strategy.
Following the results, the Paf board of directors proposed a ?20m payment from the annual profits and previous earnings to the ??land local government for distribution to public good.
The operator said it was recruiting for a new CEO following Ingves’ departure earlier this year.