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UniBet’s results for the first six months

UniBet Group, an iGaming gambling operator based in Malta revealed their interim financial results for the 1st 6 months of 2011 that showed 13% fall in gross winnings revenues to £71.8 million when compared to last year’s result.

Unibet’s profits from operations for the first 6 months of 2011 also took a hit down by 3% to £18.4 over last year. But the worst part was that Unibet’s active customers for the 2nd quarter of 2011 saw a decrease of 100,000 to 301,038 when compared to last year, while their profits after tax for the 1st 6 months also fell by 11% to  £16.7 million when compared to last year’s result.

Henrik Tjarnstrom, Unibet’s Chief Executive Officer stated that “I am pleased to report another quarter of strong underlying results.”

“Excluding the additional effect of the World Cup in 2010 and adjusting both for France, 22 percent of overall revenues in the second quarter of 2010, and for the positive currency benefits in 2011, UniBet’s underlying growth in gross winnings revenue was 16 percent year-on-year.

“This was achieved despite sportsbook margins that were lower than the long-term average. Reported revenues grew by 13 percent in the Nordics even though the comparables include the positive effects of the World Cup. Our continued focus on operational efficiency has resulted in the delivery of a good profit performance.

“Trading in July was ahead of the same month last year although 2010 included the later stages of the World Cup and despite a sportsbook margin in July of 2011 that is a little lower than the long-term average.

“An excellent casino performance recorded another all time high. However, poker has remained a difficult market with little sign yet of any significant impact from the closure of some US-facing competitors.

“The Maria brand has continued to perform very strongly, also delivering all-time high results with gross winnings revenues up over 35 percent for the interim period compared to last year. Maria achieved excellent growth especially in its casino and games products, which now account for over 60 percent of Maria revenues. Maria is now our fourth largest market.

“I am delighted that Kambi went live with its first full-service business-to-business sportsbook customer PAF in June. Early indications are that the service has been well received and this is an important reference site for Kambi as it develops its pipeline of future customers.

“During the first half of 2011, we have assessed a number of possible acquisition targets in line with our strategy to focus on opportunities for controlled growth in new regions with potential for long-term profitability. For one target we carried out thorough due diligence but on the basis of our findings we decided not to proceed. We continue to evaluate potential consolidation or growth opportunities while keeping a strong focus on the core business.”

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