STS Group posts 65% year-on-year jump in net profit for third quarter
Polish operator records increases across revenue and EBITDA as it eyes World Cup gains
STS Group has announced a 65% year-on-year (YoY) leap in net profit as Poland’s largest operator continues to perform well.
STS recorded net profit of PLN49m (£9m), up from the PLN30m recorded in Q3 2021.
The Warsaw-headquartered firm also posted revenue of PLN150m, a rise of 25% from the PLN119m recorded in Q3 2021.
Adjusted EBITDA for the period also rose 40% YoY from PLN52m to PLN73m. The operator noted the net profit of its main operating company STS S.A. increased by 42% YoY from PLN34m to PLN48m.
Additionally, STS generated its highest ever net gaming revenue in a single quarter during Q3 after netting PLN167m.
Mateusz Juroszek, president of the management board of STS Holding, said: “In Q3 2022, there was a high activity of players observed, which was primarily related to a very intense calendar of sporting events.”
Touching on the post-Q3 outlook, Juroszek added: “The ongoing World Cup in Qatar is a perfect event for increased acquisition of new players. Additionally, the participation of 32 teams and several dozen matches played means that the activity of bettors will certainly be high.”
The firm also confirmed its figures for the first nine months of the year. The company posted revenue of PLN413m, up 8% YoY from 2021.
Net profit for the firm dipped slightly from PLN116m to PLN111m, which could be attributed to the delayed UEFA Euro 2020 tournament taking place in the corresponding period last year.
Adjusted EBITDA rose 6% YoY from PLN178m to PLN190m in 2022.
The group also noted that from January to the end of September 2022, the amount staked rose from PLN3.274bn to PLN3.3bn.
Elsewhere, STS has filed a lawsuit in Poland against Kindred Group’s Unibet brand for allegedly breaking Polish law concerning illegal gambling.