JPMorgan buys Allen & Overy office from Hammerson venture

first_imgWednesday 15 December 2010 8:08 pm whatsapp Tags: NULL whatsapp JPMORGAN Asset Management has agreed to buy law firm Allen & Overy’s office on the Bishops Square site in a deal worth nearly £557m, joint sellers Hammerson and the Oman Investment Fund said yesterday. The 71,900 square foot office, which was developed and completed by Hammerson in 2005, was valued at £510m in June with passing rents of £35m, the developer said. Hammerson said its net proceeds from the sale of its stake in Bishops Square stood at £79m.“[T]his acquisition represents a further expansion of our funds’ core property portfolio in Europe,” said Peter Reilly from JPMorgan. Clifford Chance and Jones Lang LaSalle advised the sellers, while JPMorgan was advised by Berwin Leighton Paisner and Deloitte. KCS-content Share More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com JPMorgan buys Allen & Overy office from Hammerson venture Show Comments ▼ last_img read more

SuperGroup chief taking on the world

first_img SuperGroup chief taking on the world Sunday 13 February 2011 10:36 pm whatsapp Show Comments ▼ Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comcenter_img KCS-content SUPERGROUP founder Julian Dunkerton is not a man to stay still for long. He says he will not rest until his über-cool brands are sported by trendy young things across the globe.Dunkerton’s usual working day starts at 8.45am when he gets to the office in Cheltenham, after having taken his daughters to school and swilled down a triple espresso to get his creative juices flowing. “I cannot operate properly until I have had my first coffee,” he says.The retail guru, who floated his phenomenally successful SuperGroup last year, regularly updates the market on his company, whose breathtaking expansion – particularly at a time when cash-strapped consumers are reining in their spending – is something of a retail miracle.But that’s not how the driven but affable Dunkerton sees his meteoric rise from market stall holder to darling of the City. “I know what will sell and what the cost should be,” he tells City A.M. “There is a lot of hard work but I love this business and we can expand across the world – there is no limit.” That expansion most recently came in the form of the of buying out the group’s French franchise partner CNC for £34m. SuperGroup’s shares have trebled since last spring but Dunkerton – who has an estimated fortune of £170m – is in no mood to take his foot off the accelerator. The CNC deal sees Luc Clément, the founder of CNC Collections, join the UK fashion retailer as head of European franchising. Dunkerton’s constant refrain is that the people around him are key to fuelling the success.“Luc is just like me. He is very driven and understands what has to be done. It’s the same with Chris Griffiths who runs our e-commerce business – these are exceptional people.“My management style is that I speak to them on a daily basis but I know they are going in the right direction.” Dunkerton says he can’t imagine doing anything else outside SuperGroup, whether in the retail sector or in any other business. However, he admits that there are always lessons to be learned, particularly after he issued a trading statement including a warning over the price of materials, triggering a dip in the company’s share price.“I learned an important lesson in that these things [the statement] have to be looked at more closely. We are well placed to take the cost rises in raw materials so it was a mistake to use those words – it’s important to realise the impact they will have.”Despite his success he is still willing to learn and that, allied to his determination, are what make him a powerful operator.The market stall in Herefordshire where he started 26 years ago must seem a long way off, but the fire in the belly is clearly still there – aided by the coffee of course. whatsapp Tags: NULLlast_img read more

AppSense raises $70m investment from Goldman

first_img whatsapp AppSense raises $70m investment from Goldman KCS-content Tags: NULL UK technology firm AppSense has raised $70m (£43m) in investment from Goldman Sachs.Pete Perrone, a managing director at Goldman Sachs, will join the company’s board of directors as part of the deal.AppSense is the market leader in “desktop virtualisation,” a technology that allows users to easily multi-task between devices, facilitating working from home or over multiple offices. It also allows cost reduction for enterprise use.Perrone said: “With the increased mobility of the workforce and the need to be able to access information from any device, Goldman Sachs sees a clear demand for user virtualisation solutions.“AppSense’s strong customer traction, history of innovative solutions in desktop computing, and the record growth it has experienced over the past two years further solidified our decision to invest in the company.” Share whatsapp Wednesday 23 February 2011 8:38 pm Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Show Comments ▼last_img read more

ANALYST VIEWS: HOW MUCH GROWTH IS STILL TO COME AT HARGREAVES?

first_imgTuesday 19 April 2011 8:56 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com KCS-content HALEY TAM | CITIWe have a positive view of both the near-term and longer-term outlook at Hargreaves Lansdown. Customer numbers grew 14 per cent year-on-year: impressive versus tough comparatives. Its price to earnings multiple looks high versus peers, but we believe this reflects its excellent long-term structural growth story.JAMES HAMILTON | NUMISWe believe we are near the beginning of a structural growth opportunity for the company as opposed to nearing the end. We believe the group will have seen its margin expand with this volume growth and so forecast 50.8 per cent pre-tax profits growth for final year 2011, which is ahead of consensus.ROBIN SAVAGE | COLLINS STEWARTGrowth of six per cent in assets under administration is impressive and investors should recognise that asset growth in one quarter grows the revenue receivable in the subsequent quarter. We think market forecasts for final year 2012 need to rise a further six per cent and for 2013 a further ten per cent. Tags: NULL ANALYST VIEWS: HOW MUCH GROWTH IS STILL TO COME AT HARGREAVES? Sharecenter_img Show Comments ▼ whatsapp whatsapp More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comlast_img read more

Mybet set to file for insolvency

first_img Mybet set to file for insolvency AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Tags: Mobile Online Gambling 14th August 2018 | By contenteditor Company set to collapse after investor talks fall throughcenter_img Topics: Finance Strategy Finance Mybet Holding’s management board confirmed this (Tuesday) afternoon that it is preparing an application to open insolvency proceedings after talks with a strategic investor collapsed.The board said in a statement that the company owes €4m (£3.5m/$4.5m) in sports betting taxes and faces “imminent illiquidity”.An application covering all three of mybet’s German group companies will be submitted to the relevant local court this Friday.Last month, mybet appeared to have secured a lifeline when a “non-exclusive term sheet” was signed with an unnamed investor for the Berlin-based online sports betting and casino company’s B2C online business.“The background for the application for the opening of insolvency proceedings is the failure of discussions with potential investors,” the company said in a statement.“Today, the discussions with a strategic investor reported… on July 13 regarding the possible sale of the online business of mybet Holding under the domain www.mybet.com were closed. These talks failed due to conditions set by the investors which could not be fulfilled.”The board also said that a contributing factor towards the initiation of insolvency proceedings was the decision of the Frankfurt Tax Office to reject an application filed by the group’s Malta-based company, Personal Exchange International, to suspend enforcement regarding outstanding sports betting taxes.When contacted by iGamingBusiness.com, an agency representing mybet said that the identity of the proposed investor, with whom talks had collapsed, would not be publicised due to a non-disclosure agreement.When asked about the impact of the insolvency proceedings on customers, the agency added to iGamingBusiness.com: “While insolvency procedures are under way, existing customers should not be affected as mybet operates under the Malta Gaming Authority license requirements which protect customers in numerous ways. The service continues to be available for customers until further notice. So currently there should be no effect.”Mybet’s share price has nosedived since the company announced on June 12 that it had curtailed talks with a potential investor after “differences of opinion concerning the implementation of strategic and operational collaboration in the online sector” emerged during a 30-day period of exclusive talks. Email Addresslast_img read more

Foxy Bingo completes migration onto new GVC bingo platform

first_img Regions: UK & Ireland Migration comes after operator ended long-standing partnership with 888’s Dragonfish Subscribe to the iGaming newsletter Email Address Topics: Casino & games Tech & innovation Bingo Foxy Bingo completes migration onto new GVC bingo platform Tags: Online Gambling Bingo Foxy Bingo has moved to parent company GVC’s new purpose-built bingo platform after ending its long-standing relationship with 888’s Dragonfish. The new platform, developed following an extensive consultative study with players, will grant the brand complete control of the customer-facing web interface. Foxy will also gain access to a range of advanced segmentation tools that will enable the online bingo operator to optimise and tailor both game content and communications to individual customer preferences. In addition, Foxy customers will be able to play a range of premium titles from GVC and its third-party partners for the first time. Jon Bowden, head of Foxy brands and GVC, said: “The migration onto our proprietary platform allows our marketing, operations, CRM and VIP teams to build an experience fit for our players across everything we do. “We are now able to talk to our players through segmented communications, ensuring we’re speaking to the right players at the right time.” Bowden also said that the ability to tailor the content for individual customers support the company’s long-term plan of focusing on providing players with bespoke experiences across its brands. He said: “We are only just starting to uncover the capabilities we have from a real-time marketing and personalisation point of view, which is very exciting as it’s a huge part of our plans.” Cheeky Bingo, the sister brand of Foxy, has also been migrated to the GVC platform.The launch of GVC’s bingo platform comes around a year after it acquired Cozy Games, a B2B services provider specialising in bingo. Explaining the deal at the time, GVC noted that Cozy owned its own proprietary bingo technology platform and said the acquisition “gives the Group increased long-term flexibility”.Image: Fedetvc 26th November 2018 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

Raketech Q2 revenue dips amid Swedish struggles

first_img Email Address Subscribe to the iGaming newsletter Raketech Q2 revenue dips amid Swedish struggles 21st August 2019 | By contenteditor Performance marketing specialist Raketech Group has reported a 6.1% year-on-year decline in revenue for the second quarter of 2019, though reduced costs saw it significantly increase its profit for the period. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Casino & games Tags: Mobile Online Gambling Topics: Casino & games Finance Marketing & affiliates Sports betting Regions: Canada Europe Nordics Sweden Performance marketing specialist Raketech Group has reported a 6.1% year-on-year decline in revenue for the second quarter of 2019, though reduced costs saw it significantly increase its profit for the period.Revenue for the three months to 30 June amounted to €5.7m, down from €6.0m in the prior year. This fall was blamed on lower player values in the Swedish market, as well as a shift in revenue streams that saw the contribution from cost per acquisition (CPA) deals fall 9.2% to €4.5m.This, however, was partially offset by increased revenue share, with these agreements bringing in a €1.1m during the quarter, a year-on-year rise of 8.7%.Q2 also suffered in comparison to 2018, when revenue was boosted by external factors such as the Fifa World Cup and the launch of casinos powered by Trustly’s Pay N Play onboarding and payments solution.This did not impact traffic delivered to partners, with new depositing customer numbers increasing 21.7% to 24,974.Despite the decline in Q2 revenue, Raketech saw costs decline, largely due to the prior year including €1.4m in expenses related to its initial public offering. This helped offset increases in revenue related costs to €604,000 and depreciation and amortisation charges of €907,000.As a result operating profit increased 29.3% to €2.0m. Finance costs fell from €1.3m to €209,000 and despite increased income tax, albeit from a low base, net profit for the quarter soared from €179,000 in Q2 2018 to €1.7m.The second quarter decline in revenue had little effect on Raketech’s first half performance, with revenue increasing 31.7% to €14.4m. The half-year figure was augmented by a €2.3m gain from to a related party liability that was waived in the first quarter of the year.If this was stripped out, revenue was up 10.8% year-on-year to €12.1m, which was credited to strong growth in new depositing customers across all verticals.H1 costs amounted to €7.3m, up marginally from the prior year, with the lack of IPO-related expenses over the period offset by growth in revenue-related costs, depreciation and amortisation.As a result of higher revenue, this left a significantly improved operating profit of €7.1m, almost double H1 2018’s figure. Again significantly reduced finance costs of €495,000 offset increased tax expenses, leaving a net profit of €6.4m, up from €1.1m in the previous year.Looking ahead, chief executive Michael Holmberg remained bullish on Raketech’s prospects in Sweden, despite admitting that market growth had “stalled” in H1. He said tough operating conditions were likely to result in a number of licensees pulling out, which in turn would allow the business, as a partner to the largest operators, in a position to play a more important role there.The key focus, he added, was international expansion.“We are constantly looking for new ways to use our expertise and optimise existing products in order to scale our portfolio, as well as to expand to new markets,” Holmberg explained. “We are actively looking for acquisition opportunities, and as a debt-free company we are well-positioned to acquire assets that would strengthen our operations.“We are selective, but we continuously meet with interesting acquisitions targets.”This has already seen Raketech move into Canada with its CasinoFever.ca site. Moves into additional European markets, Asia and North America are also targets.In conclusion Holmberg said: “We focus on driving traffic to the larger well-established operators, with whom we have strong and successful relationships.“Through our scalable business model, we continue to focus on profitability going forward, in combination with the before-mentioned geographical expansion and selective acquisition strategy. I look confidently towards our future and strongly believe in our long-term strategy.”last_img read more

Paddy Power launches new ad campaign featuring Jose Mourinho

first_img Subscribe to the iGaming newsletter Flutter Entertainment-owned brand Paddy Power has launched a new advertising campaign starring former Chelsea, Real Madrid and Manchester United manager Jose Mourinho to promote the brand’s Daily Jackpot product.The product plays on Mourinho’s nickname of “The Special One,” with a tagline of “Don’t think you’re special.”The Daily Jackpot product, a slot game in which a large jackpot is awarded each day, forms part of Paddy Power’s games divisionThe ad launched online yesterday (26 September) and on television, print and social media on 27 September.In a release, Paddy Power said Mourinho personally made some changes to the script of the advertisement.Paddy Power’s marketing has gained widespread attention several times in the past, most recently with the company’s “Save Our Shirt” sponsorship campaign. As part of the campaign, football clubs including Championship side Huddersfield would receive sponsorship payments from the operator but would wear shirts bearing no front sponsor.The “Save Our Shirt” campaign was promoted with a stunt in which the Huddersfield team played a friendly wearing shirts with large, green sash-style Paddy Power branding, before the sponsor-less shirts were revealed. Huddersfield were later fined for breaching FA rules regulating the size of sponsorship logos. Paddy Power launches new ad campaign featuring Jose Mourinho Topics: Casino & games Marketing & affiliates AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Flutter Entertainment-owned brand Paddy Power has launched a new advertising campaign starring former Chelsea, Real Madrid and Manchester United manager Jose Mourinho to promote the brand’s Daily Jackpot product. Tags: Online Gambling Casino & games 27th September 2019 | By Daniel O’Boyle Regions: UK & Ireland Email Addresslast_img read more

GVC warns of Q3 revenue decline amid UK retail struggles

first_img Email Address Finance Topics: Finance Strategy GVC warns of Q3 revenue decline amid UK retail struggles AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newslettercenter_img 9th October 2019 | By contenteditor GVC Holdings has forecast a 1% year-on-year drop in net gaming revenue for the three months to the end of September 2019, with the operator anticipating a double-digit decline in UK retail revenue following the cut in maximum B2 machine stakes.In a trading update, the operator said UK retail trends following the cut in maximum B2, or fixed-odds betting terminal (FOBT) stakes to £2 from 1 April remain ahead of expectations. However, it added, the division’s performance was being dragged down by a 36% like-for-like decline in machines net gaming revenue as a reult of the cut. A further 41 shops were closed during the period, taking the total closed in the wake of the cut to 198, with up to 900 expected to be closed over the next two years. Furthermore, it pointed out that like-for-like results meant revenue from an average of 3,267 shops in its retail estate was being compared to Q3 2019, when there was an average of 3,496 shops. As of 30 September 2019, it had 3,233 shops across the UK.This was offset in part by like-for-like over-the-counter revenue growing 7% year-on-year, aided by efforts to substitute machine revenue with betting products. Despite this, UK retail revenue was down 18% year-on-year.European retail, meanwhile, also reported year-on-year declines, with over-the-counter revenue falling 4%, and amounts wagered down 1%, largely due to tough comparables from the prior year, which included the final rounds of the Fifa World Cup. Adjusting for the impact of the tournament, over-the-counter wagers would have been up 3%, and net gaming revenue flat year-on-year.Despite these retail struggles, GVC noted that it expected to see growth from its online business, with revenue up 12% from Q3 2018. This was driven by a 16% increase in sports revenue (15% on a constant currency basis), aided by a 5% rise in customer stakes. Gaming grew at a slower rate, but was up 8% (7% on constant currency).Despite the third quarter decline, GVC confirmed that its has  upgraded its full year earnings before interest, tax, depreciation and amortisation (EBITDA) guidance, based on results for the year to date. EBITDA had been expected to come in at between £650m to £670m, but this has now been increased to £670m to £680m.“I am delighted that the group’s financial performance has allowed us to upgrade our full year EBITDA expectations again,” GVC chief executive Kenneth Alexander said. “Online momentum remains strong across all major territories, with net gaming revenue up 12% in the quarter despite the prior period containing part of the World Cup.“This performance continues to be driven by our industry-leading technology, products, brands, marketing capability, and people.”Other key highlights for GVC in Q3 included the launch of the BetMGM app in New Jersey via its Road Digital US-focused sports betting joint venture with MGM Resorts. Alexander described the launch as a “key milestone” for the business, and said Roar was well-placed to capitalise on opportunities in the US market.He added that the integration of the Ladbrokes Coral business was progressing, with the migration of the Ladbrokes, Coral and Gala online brands to GVC’s platfrom to begin in Q4. This, he said, was likely to be completed during the first half of 2020.GVC also launched its new GVC Global Foundation during the quarter, which will coordinate and support GVC’s corporate social responsibility initiatives around the world.“This should be taken as a clear sign of our determination to spearhead the gambling industry’s approach to CSR initiatives, particularly with regard to responsible gambling,” Alexander said.Looking ahead, GVC reiterated its belief that there could be delays to the implementation of Germany’s third amended State Treaty on Gambling. The oeprator said that if clarity on the interim licences was not provided this year, the likelihood of delays would increase, as would the probability of legal challenges derailing the planned roll-out.“There is, therefore, a realistic possibility that the regulatory position will not be resolved until 2021, when positive re-regulation of the German online sports-betting and gaming market is expected.” Tags: Online Gambling OTB and Betting Shops GVC Holdings has forecast a 1% year-on-year drop in net gaming revenue for the three months to the end of September 2019, with the operator anticipating a double-digit decline in UK retail revenue following the cut in maximum B2 machine stakes.last_img read more

Rising costs hit Raketech bottom line in Q1

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Online affiliate and content marketing provider Raketech has said that despite experiencing a 76.6% year-on-year decline in profit during the first quarter of 2020, it was a “stable” period of trading for the business. Total revenue during the three months to 31 March amounted to €6.5m (£5.7m/$7.0m), an increase of 1.4% on the corresponding quarter last year. During the quarter, Raketech said that it saw a particularly strong performance in both Norway and Sweden within its casino-led comparison products. However, at the same time, sports revenue declined due to event cancellations or suspensions as a result of the novel coronavirus (Covid-19) outbreak. Outside of the Nordics, revenue was up 14.0% on a year-on-year basis in Q1, in comparison to a rise of 5.0% in the same quarter last year. Raketech said this was primarily down to growth within its Casumba business as well as the newly acquired Lead Republik. Looking at spending for the quarter, total operating expenses were up 40.5% from €3.7m to €5.2m, with costs higher across several areas. Direct expenses climbed 60.0% to €1.6m, due to the acquisition of Lead Republik, the addition of new product categories, increased efforts in paid media and higher investments in its product portfolio. Employee benefit expenses jumped 30.0% to €1.3m, driven by the on-boarding of senior management and other qualified staff. Depreciation, amortisation and impairment costs jumped 82.8% to €1.3m, primarily due to the acquisition of Casumba and upward adjustments to amounts committed on the purchase of CasinoFeber. In addition, other expenses were slightly up to €900,000, while loss allowance was cut from €325,000 to €123,000 during the period. As a result of these higher costs and only minimal revenue growth, Raketch saw operating profit slip 50.0% from €2.8m to €1.3m. Profit before tax also dropped 77.1% to €1.1m, though Raktech last year benefitted from €2.3m in additional non-operating income. After paying €75,000 in tax during the quarter, total comprehensive profit for the period stood at €1.1m, down 76.6% from €4.7m in 2019. Reflecting on the quarter, chief executive Oskar Mühlbach praised Raketech for maintain a stable performance despite the coronavirus outbreak, saying that its product portfolio performed as expected and the business continued to deliver on strategic operational goals. “Our new depositing customer intake continues to grow while the player values seem to have stabilised somewhat, which we see as promising,” he said. “Stability is something we currently long for as it allows us to make better decisions on investments and give our customers better value for their marketing spend. “Furthermore, with the acquisition of Lead Republik, we added a new product category with substantial revenues from outside the Nordics. The integration is evolving according to plan and the team is so far performing as expected.” In March, Raketech said it did not expect the outbreak of coronavirus to have a long-term impact on business, but did warn that the pandemic is likely to affect sports betting income. Mühlbach said while another expected impact was that some players would switch from offline to online gambling, this has not yet had any major overall effect on Raketech. “If the situation continues for a long time, we although expect to see a slightly negative impact on our sports revenues which might not be fully compensated for by an increase in casino,” Mühlbach added. Looking to Q2, Mühlbach said April started similar to how March ended, with strong casino and weakened sports performance. Preliminary figures for April show that revenue for the month reached €2.4m. “With the turbulence caused, not only by Covid-19 but also by the suggestions on new, temporary gambling restrictions on the Swedish market we are experiencing a slightly more hesitant attitude from operators investing into, in particular the Swedish market,” Mühlbach said. “To summarise, the market situation is currently volatile and unpredictable. We are and will therefore continue to be extra careful with guiding on the upcoming quarter or year in terms of expected revenues. “What we do know is that our operational performance is more stable than ever and that we continue to deliver on our operational goals.” Finance 13th May 2020 | By contenteditor Email Address Topics: Finance Marketing & affiliatescenter_img Subscribe to the iGaming newsletter Online affiliate and content marketing provider Raketech has said that despite experiencing a 76.6% year-on-year decline in profit during the first quarter of 2020, it was a “stable” period of trading for the business. Tags: Online Gambling Rising costs hit Raketech bottom line in Q1last_img read more