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Trading statements

bwin.party clean EBITDA up

28 October 2015 07:43

bwin.party digital entertainment's clean EBITDA for the nine months ended 30 September rose by 5% to £79.8m (2014: £76.1m).

Excluding EU VAT and UK point of consumption tax, clean EBITDA would have increased by 26%.

Total revenue in the nine months to 30 September down 8% to £429.9m (2014: £465.8m) reflecting the absence of a major football tournament, the sale of non-core businesses and the impact of EU VAT.

Sports betting turnover in the nine months to 30 September 2015 up on the same period last year, despite no World Cup. Sports margin has recovered from the first half, although still lower than last year.

The group said the original target of a £15m reduction in administration expenses for this year had been met at end of third quarter. Further savings anticipated in Q4.

It says current trading has been strong with average daily revenue of £1,484,300, up 9% (2014: £1,372,100); excluding EU VAT, total net revenue is up 12%

Chief executive Norbert Teufelberger said: "Whilst our year-on-year revenue performance has been held back by the impact of EU VAT and the absence of a major football tournament, we have a made a strong start in the fourth quarter, particularly in sports betting and casino. Our operating and financial performance is continuing to improve on the back of the changes that we initiated in previous periods - we have already achieved our full year target for cost savings of £15m and anticipate making further savings in Q4.

"Despite the impact of the introduction of VAT in a number of EU markets, as well as the POCT that was introduced on 1 December 2014, our Clean EBITDA for the nine months ended 30 September is 5% ahead of the same period last year. Excluding the impact of EU VAT and the POCT, Clean EBITDA would have been £96.1m, an increase of 26% on the same period last year. "Current trading has been strong, despite the impact of EU VAT and further declines in poker. With solid progress on expanding our mobile footprint and the full year benefit of the cost savings already made, we remain confident about the outlook."

Story provided by StockMarketWire.com

Related Company: BPTY

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