bet-at-home.com Sees Third Quarter Upturn9th November 2009 9:14 am GMT
Following the sale of the company's Racebets GmbH subsidiary earlier this year, Mangas Group's bet-at-home.com has reported a 2% drop in net gaming revenues to €27.6 million for the nine month period ended September 30th, with Eastern European currency movements and the lack of major sporting events during the summer impacting the online gaming operator's results.
bet-at-home.com said however that net gaming revenues for the third quarter of 2009 increased 16% year-on-year to €10.7 million, with the company looking to finish the year strongly following the launch of a European-wide marketing campaign during the period.
Advertising expenses amounted to €12.0 million for the quarter, leading bet-at-home.com to a loss before tax of €3.1 million, offsetting the pre-tax profit of €2.8 million reported during the first half of the year.
For the nine month period, bet-at-home.com reported advertising expenses of €22.1 million, which together with financial costs of €2.2 million, resulted in a pre-tax loss of of €0.3 million for the period.
bet-at-home.com said that trading during the fourth quarter would benefit from the recently launched marketing campaign, enabling the company to report net gaming revenues of €40 million for the full year with pre-tax profits of at least €2 million.
As at September 30th the company held cash and cash equivalents of €19.4 million.
Shares in bet-at-home.com (Co. Profile) (XETRA:ACX) are currently up 2.62% at €13.70 per share in Frankfurt this morning following the announcement.