Kambi in the black despite "challenging" Q4
Sportsbook supplier sees revenues and profits rise in first set of full-year results since Unibet separation
Kambi Sports Solutions this morning announced a 70% year-on-year increase in 2014 revenues and a maiden annual profit despite a “challenging” set of Q4 results.
Revenues for the year ended 31 December 2014 were 36m, an increase on the 21.1m posted across the previous 12 months, while EBIT was 2.2m, a vast improvement on the loss of 19.9m registered in 2013.
And despite a run of punter-friendly sporting results in Q4, the B2B sportsbook supplier managed to record a 52% increase in revenues to 9.3m for the period with an operating profit of 0.6m.
Margin was negatively impacted by the results, however, falling 152% to 6% in Q4 and almost halving to 6% for the full-year.
Kambi CEO Kristian Nylén said the supplier’s resilience during the fourth quarter was “further evidence of the success” of its business model and illustrated “the solid base for the company’s future”.
“Kambi was profitable and cash flow positive, despite challenging results in some sporting events, which led to a slightly lower than average margin of 7% generated for our operators,” Nylén said.
He added that 2015 had started on a “positive note” for the company and was making “continuous efforts” to build its pipeline of partners, while announcing had it recently extended its contract with long-term customer Napoleon Games.
Kambi supplies fully-managed sportsbook services to the likes of 888 and 32Red, as well as previous owner Unibet, from which the company spun out of in May last year.
Kambi’s share price was down SEK4.5 to SEK69.5 after early morning trading.