Boss Media profits lower

29.01.2008

Boss Media, the Stockholm listed Swedish online gambling software developer, has reported net profits of SEK 44.3 million (approximately Euro 4.7 million) for the year to December 31, 2007, almost SEK 20 million down on the 2006 figures of SEK 64.4 million.

Sales fell to SEK 312.3 million from SEK 320.1 million, and royalty revenues were down to SEK 232.9 million from SEK 244.9 million in the same period.

CEO Michael Hallen nevertheless remains optimistic, saying: “Royalty revenues developed well during the fourth quarter, with healthy growth generated in primarily poker and Interactive Gaming Machines.

"Compared with the preceding quarter, royalty revenues rose by 18 percent during the fourth quarter to SEK 63.5 million. This means that the revenues lost during the early part of the year, due to the renegotiation of agreements and legal changes, were recouped.
"Royalty revenues during the fourth quarter of 2007 were about 4 percent higher than in the corresponding quarter of the preceding year. The IPN poker network is capturing market shares in a growing market.”

Operating profits for the year came in at SEK 50.6 million.

Boss Media estimates that the Internet gaming market will grow by 15-20 percent in 2008, and the company said it expects to double its sales by 2010.

The company is supplying Austrian Lotteries and Casinos Austria with its poker platform in the first quarter of 2008.