Fortuna’s growth strategy pays off in Q1

17 May 2018

Fortuna Entertainment Group has cited the impact of its ongoing growth strategy as the main reason behind financial success in the first quarter.

Total gross win in the three-month period amounted to €110m ($129.9m), up 157.6% on the opening quarter of 2017.

Fortuna put this increase down to a sharp rise in the amount staked by punters in the period, which was up 163.7% year-on-year to €797m.

Total consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) rocketed 665.6% to €22.7m, as a result of higher betting volumes, online gaming addition and the consolidation of Hattrick Sports Group and Fortuna Romania.

Total EBITDA for the quarter, if adjusted by one-offs related to integration, was up 723.9% to €22.8m.

Fortuna also noted that total net profit for quarter was up 923.6% year-on-year to €14m, and if adjusted by one-offs related to integration and M&A costs, this figure increased 1,113.4% to €14.2m.

Per Widerström, chief executive and chairman of the board of Fortuna, said: “The strong reported financial results for the first quarter of 2018 reflect our growth strategy with investments into operational excellence, new platforms and regional expansion.

“Thanks to that, we recorded a substantial growth in all reported key indicators, this driven both by strong organic growth as well as M&A.

“We also would like to confirm our guidance for the rest of 2018.”

Related article: Fortuna cites investments as financials rise in 2017