Malta-based online gambling operator Unibet Group has announced its unaudited financial results for the first three months of 2009 showing an 87 percent increase in profits after tax year-on-year to £9.96 million.

The figure was a 14 percent rise on the firm’s results for full-year 2008 and was helped by 25 percent growth year-on-year in income from sportsbetting activities.

Unibet revealed that its income from sportsbetting from the first three months of 2009 hit £15.97 million, which was up from last year’s £11.88 million, while its gross winnings revenue amounted to £36.1 million, a 13 percent rise on 2009’s £31.3 million.

Profits before tax for the first quarter of 2009 amounted to £10.7 million, which was up from £2.9 million in 2008, while those from operations for the first quarter grew by £600,000 year-on-year to £10.9 million.

Unibet also had 26,816 more active customers than a year ago to bring its total to 314,977 while it reported that it had operating cash flow before any movements in working capital of £13.5 million, a rise of £300,000 from twelve months ago.

“Our strong business model and the well-balanced product portfolio have resulted in another strong quarter in terms of gross winnings and operating cash flow,” said Petter Nylander, Chief Executive Officer for Unibet.

“During the quarter, the number of active customers increased by almost eight percent and we have continued our successful geographic expansion. The experience and structure capital that we have gained in our own sportsbook gives us a competitive advantage in many areas and are fundamental in the strength of our brand and our customers’ user experience.”


Source: iGamingBusiness.com