Fortuna Entertainment reverses 2015 declines posting strong H1 2016

Per Widerström,

Updating the market on its H1 2016 interim results (unaudited period ending 30 June), Eastern European gambling operator Fortuna Entertainment Group (Fortuna) has revealed improved corporate results throughout its core metrics.

Following a tough FY 2015, in which Fortuna financial performance was impacted by increased tax charges in its markets of Poland, the Czech Republic and Slovakia, the company was pleased to record firm recovery within its divisions.

The firm would declare a Total Gross Win of €80.5 million, on improved group wagering of €511 million up 24% on corresponding 2015 performance, aided by increased player activity recorded during Euro 2016.

Fortuna’s improved revenue and wagering performance would transfer to positive corporate earnings with the firm posting an EBITDA increase of 7.7% to €9.7 million. Closing its H1 2016 Fortuna governance expects to post  a net profit of EUR 5.4 million, 12.1% more than was seen in the first six months of the previous year.

Per Widerström, CEO and Chairman of the Management Board of Fortuna Entertainment Group N.V commented on H1 corporate performance;

“Our robust performance was driven by growing online sports betting, and in particular mobile, in all the countries where Fortuna operates. The growth was also supported by the UEFA EURO 2016 football tournament in France in which the national teams played from all the countries where Fortuna is present,”