Malmö, Sweden, 2013-07-25 08:00 CEST (GLOBE NEWSWIRE) -- April – June 2013 - Betting turnover: 127,865 KEUR (170,589) - Net turnover after trading fees: 502 KEUR (842) - Gross margin: 0.39 % (0.49) 1 - Operating income: -255 KEUR (3) - Operating margin: -51 % (0) 2 - Net Income: -424 KEUR (15) - Earnings per share: -0.04 EUR (-0.00) January - June 2013 - Betting turnover: 282,651 KEUR (345,768) - Net turnover after trading fees: 776 KEUR (1,121) - Gross margin: 0.27 % (0.32) 1 - Operating income: -811 KEUR (-574) - Operating margin: -105 % (-51) 2 - Net income: -948 KEUR (-578) - Earnings per share: -0.10 EUR (-0.06)
Review of business
The Board of Betting Promotion is of the view that the company has not been able to deliver satisfactory results for some time. For this reason the new Company Chairman, Mr Peter Åström, will act as Executive Chairman and work together with management and staff to make a review of the business. The Company's two products, Trading and Bookmaking, will be subject to an analysis and a new business plan will be established.
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“Second-quarter earnings were well below budget. For Trading the margin was 0.3%, i.e. the bottom limit of the expected margin of between 0.3% to 0.6%. For Bookmaking the margin was in line with expectations, albeit with very low volumes.
The negative net income is due to lower gaming turnover, write-downs during the quarter in question and continued investment in the product Bookmaking. The lower gaming turnover is a consequence of the fact that there are no major championships in 2013. We have made a final agreement with Key Quest Ltd and a new payment plan has been established with Game Village and they involve write-downs of 123 KEUR.
I am looking forward to working with Peter Åström to achieve positive operating results” says Betting Promotion's CEO Mr Jonas Ornstein.
1 Net Turnover after trading fees as percent of Betting Turnover
2 Operating Income as percent of Net Turnover after trading fees
(For complete interim report see attached file)
For further information please contact: Jonas Ornstein, CEO Betting Promotion Sweden AB (publ)
Tel +46 40 611 84 94
Certified Adviser:
Mangold Fondkommission AB is the Certified Adviser.
Betting Promotion Sweden AB (publ) is the holding company for operating subsidiaries. Betting Promotion puts the odds and act as market maker on sporting events. Games are handled both before the match and during the match, so called live betting. Since 2003, Betting Promotion has been a market maker at the world's leading betting exchanges. The trade is done automatically and is thus meant to be both effective and stable. Betting Promotion also offers odds to bookmakers.
