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mybet Holding SE publishes report on first half of 2015


mybet Holding SE / Key word(s): Half Year Results

2015-08-13 / 09:21


mybet Holding SE publishes report on first half of 2015

- Betting stakes in first half of 2015 show year-on-year rise even without major sporting event

- Clear growth in mobile area: revenue almost quadrupled compared with previous year

- Casino & Poker segment profits noticeably from improved customer loyalty measures

Kiel, August 13, 2015 - mybet Holding SE (Deutsche Börse, Prime Standard, ISIN DE000A0JRU67) today publishes its figures for the first half of the 2015 financial year. The company increased its revenue by 5.5 percent overall compared with the previous year, to EUR 36.3 million. This increase is attributable to the positive revenue performance in the Casino & Poker and Horse Betting segments.

In the Sports Betting segment, revenue reached EUR 19.9 million and is therefore at a high level, as already in the previous year. It is to be noted, that the prior-year figure included a boost from the FIFA World Cup. The offline area saw a key development influencing the good performance this year: there was a 15 percent rise in average betting stakes per shop to EUR 31 thousand (previous year: EUR 27 thousand). Online average betting stakes per customer were increased by 21 percent to EUR 421 (previous year: EUR 348). This was contributed by the pleasant uptake in customer activity along the mobile channels (+387 percent compared with previous year), where the margin achieved was slightly higher than online. Expenses for the segment increased to EUR 21.9 million as a result of intensified marketing measures focussed at new and existing customers, along with higher commission payments due to a structural shift towards more cost-intensive sales channels. Earnings before interest and taxes (EBIT) for the Sports Betting segment thus came to EUR -1.7 million, compared to EUR -0.9 million in the previous year.

The Horse Betting segment again performed strongly in the first half of 2015 with revenue rising 40.1 percent to EUR 4.4 million and earnings before interest and taxes (EBIT) of EUR 1.1 million (previous year: EUR 0.7 million).

The Casino & Poker segment clearly benefited from the successful acquisition of new customers and the reactivation of existing customers through optimised cross-selling measures. The profit contribution in this area was boosted by 7.1 percent to EUR 11.7 million (previous year: EUR 10.9 million). EBIT improved to EUR 1.8 million (previous year: EUR 1.2 million).

The effectiveness of the measures to boost customer activity and revenue in the first half of 2015 has not yet translated fully to group EBIT. This is because of the increased commission payments resulting from a structural shift in revenue towards more cost-intensive sales channels. Another factor impacting earnings for the period is the marketing investments which have been brought forward in the current year; this move drove the positive development in betting stakes and the improved customer lifetime values, particularly in the second quarter. After a subdued first quarter, mybet achieved a substantially better Q2 EBIT of EUR 30 thousand, bringing overall EBIT for the first half of 2015 to EUR -0.8 million (previous year: EUR -0.4 million). With mybet having already a turnaround round successfully in the previous year, throughout the remainder of the year the company will adhere to its chosen strategy of systematically optimising its products and service.

The Management Board believes that implementing the necessary product innovations and platform improvements will decisively influence how successful the current restructuring is. On August 3, 2015 mybet signed a partnership agreement with Amelco UK Ltd., a specialist in the development of software solutions and products for the betting industry. The principal goal of the partnership is to secure an immediate improvement to the product range in the Sports Betting and Casino areas. At the same time future innovative capability and scalability are assured across the entire mybet product range and along all mybet sales channels. A completely revamped product offering will moreover support the value of both existing and new customers; progressively increasing customer lifetime values marks a crucial step towards mybet's sustained profitability. The investment necessitated by these far-reaching changes will weigh on 2015 earnings. However the Management Board believes they will deliver a lasting increase in profit from 2016 and give the mybet Group a stronger market position.

The full 2015 First-Half Report will be made available today on the following websites:

German report: https://mybet-se.com/category/finanzberichte/

English report: https://mybet-se.com/en/category/finanzberichte/

Key figures for first half of 2015

  H1 2015 H1 2014 Change Q2 2015 Q2 2014 Change
             
  EUR '000 EUR '000   EUR '000 EUR '000  
             
Revenue 36,293 34,419 +5.5 % 17,949 17,926 +0.1 %
Sports Betting 19,879 19,879 0.0 % 9,462 10,663 -11.3 %
Casino & Poker 11,690 10,919 +7.1 % 5,990 5,522 +8.5 %
Horse Betting 4,379 3,126 +40.1 % 2,354 1,446 +62.8 %
Other
 
343
 
495 -30.7 %
 
149 270 -44.8 %
EBITDA 472 707 -33.2 % 643 -178 n/a
EBIT -756 -361 -109.4 % 30 -688 n/a
Net profit/loss for the period -238 -534 +55.4 % 640 -768 n/a
Earnings per share (EUR) -0.04 -0.04 -0.0 % 0.00 -0.04 n/a
             
  30/06/2015 31/12/2014        
             
Cash and cash equivalents 6,585 8,676 -24.1 %      
Shareholders' equity 18,719 18,934 -1.1 %      
Equity ratio 50.9 % 51.2 % -0.3PP      
 


 


Contact:
mybet Holding SE
Investor Relations & Corporate Communications
Yulia Link
Tel. +49 (40) 85 37 88 47
Fax +49 (40) 85 37 88 30
Mail yulia.link@mybet.com




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386479  2015-08-13