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mybet Group: First-quarter operating performance still subdued despite progress in retail business
DGAP-News: mybet Holding SE / Key word(s): Quarterly / Interim Statement mybet Group: First-quarter operating performance still subdued despite progress in retail business - Revenue in first quarter well below prior-year figure, but EBIT shows improvement - Greek market and known limitations from existing online platform putting brakes on operating business - Approval process for sale of subsidiary C4U Malta Ltd. still not completed - Management Board confirms revenue and earnings forecast but postpones launch of new online platform Kiel, May 12, 2016. The mybet Group ended the first quarter of 2016 with revenue of EUR 14.9 million and an operating result (EBIT) of EUR -467 thousand. In the Quarterly Statement published today, mybet therefore reports on the one hand a palpable fall in revenue of around EUR 1.8 million compared with the prior-year figure. On the other hand the EBIT achieved represents a clear improvement of EUR 222 thousand, year on year. The net loss for the first quarter came to EUR -802 thousand, which again marks an improvement of EUR 76 thousand. The main reason for these operating results which are as a whole not satisfactory for mybet was the weak revenue performance in online business, both from sports betting and in the Casino & Poker group segment. The causes included on the one hand the ripple-down effects of the capital controls in Greece, which - while no longer preventing mybet's activities - initially made it necessary to win back and activate all its customers there. This produced a much lower revenue contribution from Greece compared with the prior-year quarter, when this factor was absent. On the other hand the known limitations regarding the appeal and product breadth of the existing online platform are inhibiting the desired operational momentum until the new system is rolled out. Nor was the very pleasing revenue performance in the retail area, in other words the physical betting shops, sufficient to compensate for these burdens. By contrast, the improved EBIT reflects the effectiveness of the measures taken to optimise internal processes and structures, to improve efficiency and the strict cost discipline. Official approval of C4U sale still pending New start date for higher-performance platform Outlook 2016 The complete Quarterly Statement has been published on the website of mybet Holding SE at https://mybet-se.com/en/category/finanzberichte/
Contact: mybet Holding SE Sebastian Bucher Investor & Public Relations Tel: +49 30 229083-161 Fax: +49 30 229083-150 Mail: sebastian.bucher@mybet.com 2016-05-12 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English | |
Company: | mybet Holding SE | |
Jägersberg 23 | ||
24103 Kiel | ||
Germany | ||
Phone: | +49 40 85 37 88-0 | |
Fax: | +49 40 85 37 88-30 | |
E-mail: | ir@mybet.com | |
Internet: | www.mybet-se.com | |
ISIN: | DE000A0JRU67 | |
WKN: | A0JRU6 | |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart | |
End of News | DGAP News Service |