STS Group has detailed a positive start to 2023 trading, strengthening its position as “Poland’s premier betting group”.
Providing a Q1 update, STS recorded group revenues of PLN 153m (€34m), up 7% on corresponding 2021 results of PLN 142m (€31m).
The revenue increase was generated off a Q1 wagering volume of PLN 1.19bn (€246.6m), as STS betting capacity outpaced 2021 wagers of PLN 1bn (€220.3m) despite excluding its ceased UK and Estonia operations.
Group CEO, Mateusz Juroszek, highlighted this quarter’s success, saying: “In Q1 2023, we achieved very good operating and financial results. Key operational indicators improved compared to Q1 2022, which was then a record period in the company’s history.
“Despite the high base from Q1 2022, we generated even better results and in terms of net profit, the last quarter was record-breaking in the history of STS SA.”
The group’s adjusted Q1 EBITDA rose to PLN 80m (€17.5m), up 12% on 2022 comparative of and PLN 72m (€15.5m) and representing a robust margin of 45.7%.
STS noted that the upswing is “part of a sustained progression in the company’s financial performance, underscoring its thriving operations in a competitive market.”
Strengthening its Polish business, STS Group achieved a 20% increase in Q1 net profits of PLN 54m (€11.7m) – helping its main operating company – STS S.A. – declare period profits of PLN 70m (€15m).
STS Group also reflected on their strategic decision to end operations in the UK and Estonia. The objective was to fully leverage the Polish market’s potential fully, deemed as the most critical area for the group’s operations, which service 400 betting points, employing 1,200 staff members.
Commenting on this strategic shift, Juroszek noted: “The operating results indicate the extremely high attractiveness of the Polish market. The Group intends to concentrate its activities in order to be able to use the development potential in Poland.”