SBC News Svenska Spel maintain Swedish dividend duties despite 2022 slowdown

Svenska Spel maintain Swedish dividend duties despite 2022 slowdown

Svenska Spel maintains its state dividend of SEK 2bn (€155m), despite facing challenging 2022 compliance adjustments across its Swedish business portfolio.

Publishing its full-year 2022 accounts, Sweden’s state-owned gambling group saw its net gaming revenues (NGR) stand at SEK 8bn (€722m), registering a 1% decline on FY2021 NRG results of SEK 8.1bn.

The stagnant revenue performance reflected stricter customer compliance measures imposed on Svenska Spel’s Sports-&-Casino and Vegas units since the close of 2021.

Of significance, Svenska Spel reported no World Cup pick-up during Q4 closing as “the tournament generated a lower customer interest than previous championships, partly because of the timing, partly because the Swedish national team did not qualify.”

“During the WC, there was also a break in many regular national football leagues, which limited the possibility of offering games such as Stryktipset, Europatipset and Toptipset.”

Accommodating new compliance measures enforced across its business channels, Svenska Spel saw its FY2022 operating profits fall by 3% to SEK 2.38bn (FY2021: SEK 2.4bn).

Svenska Spel cites confidence that it will rapidly recover its financial performance, led by the upgraded games portfolio of its TUR lottery unit.

Closing its 2022 accounts, Svenska Spel declared group underlining profits of SEK 1,99bn, an outcome which allowed the company to match its previous state dividend contribution of SEK 2bn.

President and CEO Patrik Hofbauer commented: “I am happy that the board intends to propose a dividend of SEK 2 billion to the owner. That our surplus goes back to the Swedish people is one of the reasons why we are all of Sweden’s gaming company.”

“During the 25 years that Svenska Spel has existed, together with our customers, we have contributed over SEK 100 billion to the state treasury.”

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