reports revenue decline in tough comparative year

bwinpartyIssuing a Q3 2015 trading update this morning, Entertainment reported a year to date (period ending 30 September) revenue decline of 8% to €430 million (2014: €466 million). governance stated that its revenue decline reflected a tough comparative period for its business, with no major summer football tournament. Furthermore, 2015 has seen the operator face increased tax charges on its EU VAT and from UK POC levies.

Despite its revenue decline, the Gibraltar based operator would record clean EBITDA of €80 million up 5% on 2014: €76 million.

Governance was further pleased to note that its sports betting turnover had been maintained during the period. The operator further detailed that Current trading has been strong with average daily revenue of €1,484,300, up 9% (2014: €1,372,100). governance was able to implement €15 million in administrative cost savings, which it noted would aid its upcoming Q4 2015 performance. CEO Norbert Teufelberger, commented on corporate performance

“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.    

“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.”

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