Publishing its Q1 2018 trading update (period ending 31 March), CIS betting group Fortuna Entertainment has reported significant progress on its commercial agenda following a strong opening to its 2018 performance.
Updating the market, an enlarged Fortuna reports growth across its core metrics and corporate KPIs as the operator records a 163% increase in group revenues to €797 million.
In its Q1 update, Fortuna governance details strong revenue contributions for its acquired assets of Hattrick Sports (€217 million) and Fortbert Romania (€101 million).
Focusing its operations within the markets of Poland, the Czech Republic, Slovakia, Romania and Croatia, Fortuna governance reports a period EBITDA increase of 665% to €22.7 million.
Closing its Q1 2018 trading period, Fortuna governance declares a corporate net profit of €14 million.
Updating investors Per Widerström, CEO and Chairman Fortuna Entertainment Group commented on Q12018 trading:
“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. Our Amounts Staked increased by 163.7% yoy to EUR 797.0 million, Gross Win amounted to EUR 110.0 million and EBITDA reached EUR 22.7 million a yoy increase of 157.6% and 665.5% respectively. If we adjust for one-off costs related to Integration, the EBITDA increased 723.9% yoy. We also would like to confirm our guidance for the rest of 2018.”
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