The following is a summary of the Betsson AB (Publ) (BTSBF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Betsson reported Q1 2024 Group revenue growth of 12% and operating profit EBIT growth of 35% despite foreign exchange impact. This resulted in a record operating profit with EBIT at €58 million being the highest in a single quarter.
The company experienced growth in gaming turnover for casino and sports betting sectors with year-on-year increases of 14% and 25% respectively.
EBIT margin increased by approximately 4% to 23.3%.
Business Progress:
Betsson initiated a strategic plan focused on geographical diversification and growth investments, entering new markets in Colombia, Italy, and Argentina.
The company expanded its presence in the Dutch market by acquiring Holland Gaming Technology and Holland Power Gaming, showing a commitment to in-market consolidation.
Despite a temporary negative swing in working capital for this quarter, it does not cause concern, as it is expected to balance out in the future.
Betsson is in the process of exploring potential opportunities for online casinos in France, pending upcoming industry decisions.
Initial performance indicators from their entrance into the Italian market are promising, though profit and loss impact is not substantial at this early stage.
Betsson remains open to potential buybacks and future acquisitions due to their strategic importance, backed by a sturdy balance sheet.
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