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mybet Holding SE: Negative trend in revenue development from the previous quarters continues one more time in first quarter 2017

DGAP-News: mybet Holding SE / Key word(s): Quarterly / Interim Statement

30.05.2017 / 18:15
The issuer is solely responsible for the content of this announcement.


mybet Holding SE: Negative trend in revenue development from the previous quarters continues one more time in first quarter 2017

Berlin, 30 May 2017. In the first quarter of the financial year 2017 the mybet Group has reached group revenue of EUR 8.9 million. By this, revenue was down 28.9 percent against the comparable figure of the previous year (PY: EUR 12.5 million) and correspondingly the negative trend of the previous quarters continued one more time. Although mybet was able to complete the development and testing phase of the newly developed sports betting and casino platform by the end of the quarter with the full commissioning, the online business between January and March was carried out to a large extent on the old product platform correspondingly. At the same time the entire sports betting sector was affected by, from a statistical point of view, an unusual accumulation of won sports bets and so was mybet, too. This extraordinary high number of sports results forecast correctly by the customers occurred especially in February and March in the most popular betting sport football and had a strong negative impact on our hold from sports betting. In addition mybet's online casino was still out of operation during the first quarter 2017 due to the complaints raised by the authorities that could not be resolved by now.

"In the first quarter the existing trend in the development of the business basically continued, since we have put our new platform into operation by the end of the quarter. However the sports results and the high number of won bets by customers connected with them formed an additional burden which we had never experienced this way during the last years. But in total the quarter clearly shows why we did not forecast a large growth in revenue for the financial year 2017 despite the new platform. We firstly have to break the downward trend", said Markus Peuler, CEO of mybet Holding SE.

The earnings before interest, taxes, amortisation and depreciation (EBITDA) of mybet Group was EUR -2.2 million and due to the revenue development also very clearly below the comparable figure of the previous year (PY: EUR -0.8 million). Correspondingly the earnings before interest and taxes (EBIT) of EUR -2.6 million also fell clearly behind of previous year's value in the first quarter of 2017 (PY: EUR -1.0 million).

Retail and B2B business continue to develop well
With regard to the group segments the first quarter produced a mixed development. While in the Sports betting segment the online stakes decreased by 27.4 percent the retail stakes in the mybet betting shops continued its steady growth with an increase of 8.4 percent in an unchanged way. However, the unusually negative outcome of many bets for mybet in the end lead to a decrease in revenue in the segment by 19.9 percent to EUR 6.1 million compared to the previous year (PY: EUR 7.6 million).
The group segment Casino was burdened especially by the blockade of our online casino in Greece. The segment revenue fell in the first quarter 2017 compared to the previous year by 48.2 percent to EUR 2.2 million (PY: EUR 4.3 million).
In contrast, the segment B2B, in which mybet reports on the service business for regional betting providers, developed very stable during the first quarter 2017. Revenue was EUR 0.6 million (PY: EUR 0.6 million).

Financing situation improved, earnings and liquidity forecast raised
After agreeing on an out-of-court settlement with Westdeutsche Lotterie GmbH & Co. OHG to end the legal proceedings on damage claims for cartel infringement after the end of the reporting period the financing situation of mybet Group improves significantly. The legal dispute that had lasted for around ten years will now come to an end by a payment of EUR 11.8 million from Westlotto to SWS Service GmbH, a group company of mybet Group. As mybet Group has to pay back an interim financing for the possible proceeds for the legal proceedings after receiving this payment the company receives free liquid funds in the amount of EUR 4.9 million from the settlement after the redemption of the financing.

Based on this profit and loss affecting settlement payment the Management Board of mybet Holding SE has adjusted the operational plans and raised the earnings and liquidity forecast for the current financial year 2017 of mybet Group. With revenue between EUR 44.5 and 47.0 million mybet plans with an EBIT between EUR 4.5 and 5.5 million and a cash position at the end of the year of EUR 1.0 to 2.0 million.

The Interim Statement 1st Quarter 2017 of mybet Group is published at
https://mybet-se.com/en/category/finanzberichte/ on the website of the company.
 

mybet Holding SE
The mybet Group, licensed in several European countries to offer sports betting and online casino games, has its registered office in Berlin and locations in Cologne and Malta. mybet offers its betting and gaming products over the internet platform mybet.com as well as at land-based betting shops operating under a franchise system. In addition, the group supplies regional betting providers in Europe and Africa as a B2B service provider.
mybet Holding SE is the parent company of the mybet Group. The shares of mybet Holding SE (ISIN DE000A0JRU67) are listed on the Frankfurt Stock Exchange in the Prime Standard.
For further information, visit www.mybet-se.com | www.mybet.com | www.mybet-shop.com

Contact
mybet Holding SE
Sebastian Bucher
Investor & Public Relations

tel +49 30 22 90 83 161
fax +49 30 22 90 83 150
e-mail sebastian.bucher@mybet.com



30.05.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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