Snaitech back in the black

Italian gaming firm Snaitech S.p.A., in its full year 2017 results, reported a return to profit for the first time in a decade despite presenting a mixed bag of results.

Key performance indicators for the 12-month period ending December 31, 2017 include:

Total group revenue of Euro 889.6 million (2016: Euro 898.4 million), a decline of 1 percent which it attributes to an increase in tax, partially offset by strong online results.

Net consolidated profit of Euro 27 million (2016: loss of Euro 17 million).

EBITDA up 5.9 percent to reach Euro 135.9 million (2016: Euro 128 million.

Overall online wagers up 30 percent.  Online Sportsbetting wagers up 34.3 percent and Online Casino wagers up 28 percent.

Total wagers of Euro 10.5 billion, down 0.5 percent.

Net Financial Position of Euro 428.8 million, improved by more than Euro 52 million from 31 December 2016.

“2017 represented a significant period for Snaitech”, chief executive officer Fabio Schiavolin, said.

“I would remark how such performance, along with the strong cash generation of Euro 55 million and the increase of EBITDA to Euro 136 million, was achieved in an unfavourable regulatory framework for concessioners, owing to taxation increase on Gaming Machines and more generally to the absence of homogeneous rules on Gambling applied by local authorities.”

Moving forward, SnaiTech said it would focus on new products, improving services and strengthening cross selling opportunities in its Online business among other strategies.

The first two months of 2018 have seen an almost 18 percent increase in online wagers weighed down by an 8.8 percent decrease in retail betting and a 2.6 percent decline in gaming machines.

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