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South America the next target for Kambi as growth continues in Q3

29th October 2014 9:45 am GMT

Sweden’s Kambi Group has taken its first step in broadening its sales focus outside of its core focus in Europe and into the South America market, as the sportsbook software supplier reported a 68 per cent increase in revenue to €9.5m for the third quarter of 2014.

Kambi said that the World Cup continued to be a strong revenue driver during the first part of July when the final 10 matches were played, and represented 7 per cent of total operator turnover in the quarter.

Kambi CEO Kristian Nylén said: “We are very pleased with our customers’ performance. This reflects the advantage our outstanding product gives them. By using Kambi’s service, our operators are able to offer the player a unique user experience with high entertainment value. Our drive is to remain the best sportsbook provider for our customers.”

Q3 2014 Results

Euros (€) Q3 2013Q3 2014
    
Revenue 5.6m9.5m
Gross Profit 5.6m9.5m
Operating Expenses (7.2m)(8.6m)
Profit/(Loss) from Operations (3.2m)0.9m
Profit after Tax (3.0m)0.7m
Basic EPS (0.152)0.023

Operating expenses rose 19 per cent to €8.6m, a large proportion of which was salaries which grew year-on-year due to the planned increase in full time staff as part of the continued development of the Kambi product.

Kambi generated a profit from operations of €0.9m for the period, with profit after tax of €0.7m, compared to a loss of €3.0m a year ago.

During the quarter, 888sport launched its Kambi-powered sportsbook in Spain, while Spanish operator Luckia extended its contract with the supplier.

For the nine month period, total revenue is up 78 per cent to €26.7m, with profit after tax amounted to €0.7m compared to a loss of €10.1m a year ago.

Kambi said that its core focus remains Europe, although the supplier has taken a first step to broadening its sales focus outside Europe by adding sales representation in South America.

“Kambi has followed the South American market closely during the last two years and as many jurisdictions are coming closer to a re-regulation, this is the right time to add resources closer to the market,” said the company.

As at September 30th the company held cash and cash equivalents of €21.6m compared to €2.0m last year.

Shares in Kambi Group plc (Co. Data) (STO:KAMBI) were trading down 5.04 per cent at SEK67.00 per share in Stockholm earlier Wednesday, having gained 7.34 per cent in trading yesterday.

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