REDBET FIRST QUARTER RESULTS

23rd May, 2012 :: 11:22:56

Source: Casinos Online

Chief executive officer steps down, says restructure is complete

Malta-registered online gambling firm Redbet Holding AB released its first quarter 2012 results this week, showing progress towards turning around the company's fortunes, despite higher costs impacting its bottom line.

Key performance indicators for the three month period ending March 31 2012 include:

- Operating revenues amounting to SEK 24.5 million (Q1/2011: SEK 17.2 million), an increase of 42 percent.

- Operating profit amounting to SEK 0.6 million (Q1/2011: SEK 0.8 million).

- Profit after tax amounting to SEK 0.3 million (Q1/2011: SEK 0.6 million).

- Casino represented 39 percent of the group's total gaming revenue, while betting accounted for 32 percent & poker 29 percent.

- Casino revenues grew by 97 percent, betting by 32 percent & poker by 3 percent.

- Earnings per share amounting to SEK 0.01 (Q1/2011: SEK 0.02).

- Player deposits amounting to 91.4 million (Q1/2011: 71.1 million), an increase of 29 percent

- Registered online gaming player accounts for the Group was 315 519 (Q1/2011: 167 618).

- Active player accounts amounted to 38 384 (Q1/2011: 20 636).

Following the appointments of Claes Hallen as acting chairman & Andreas Helsing as chief financial officer during the quarter, Jorgen Andersson Redbet Holding AB's chief executive officer will step down following "completion of the restructuring of the company". Hallen will take over the position of chief executive officer.

Andersson comments: ‚EURњTwo years have passed since I became President. The company found itself in 2010 in a very difficult situation with falling revenues & heavy losses. The company has since gone through major changes & the group's gaming operations are currently profitable & showing growth.

‚EURњMy mission to restructure the company is now completed & it is time for me to step down as CEO. I welcome Claes Hallen in the role of President & I look forward to continuing my involvement in the company as a board member."

Redbet Holding's subsidiaries offer casino, betting & poker on the Internet via redbet.com, optibet.lv, heypoker.com, whitebet.com, goldclubcasino.com & totalpoker.com . Subsidiary SIA Optibet offers odds offline via betting shops in Latvia .

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