15th of April 2010 Author: Glo Wood
Austrian listed internet betting company releases Q1 2010 numbers
The top Vienna-listed European betting group Bwin Interactive was in bullish mood this week as it released its Q1 2010 numbers, posting a Euro 34.3 EBITDA and predicting a substantial increase in 2010 profit. Full-year 2009 earnings before interest, tax, debt and amortisation were confirmed at Euro 102.2 million.
Bwin's first quarter 2010 gross gaming revenues were 12.5 percent up year-on-year, the Austrian operator reported, thanks mainly to a healthy contribution from Gioco Digitale.
The company announced that it is to pay a maiden dividend of Euro 0.60 a share.
Management reported that the group had successfully cut costs, and that efficient marketing had earlier helped lift fourth-quarter core earnings 79 percent.
Starting from the first quarter of this year Management expects Bwin's 2010 revenues to be boosted by its purchase of Italian online poker operator Gioco Digitale for Euros 115 million last year. Management says it will adapt its forecast for 2010 as soon as the timing for new product launches in Italy and details of the opening up of the French market are known.
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