Global Gaming to implement new action plan, despite 100% revenue rise for 2018
Global Gaming will implement a new action plan to balance its costs, despite increasing its revenue by 100% to SEK 915.9m ($99.6m) for 2018.
Operating profit for the year was SEK 148.6m, a 22% increase, with operating cash flow reported as SEK 161.8m.
Profit after tax was SEK 125.1m, which breaks down to SEK 3.09 per share.
For the fourth quarter of 2018, revenues increased 35% year-on-year to SEK 236.4m ($25.7m).
Operating profit for the period amounted to SEK 18m, however, a 57% decrease. The gaming group reports profit after tax of SEK 16.1m, which equates to SEK 0.39 per share.
Joacim Möller, President and CEO of Global Gaming, said: “As a result of the combination of lower than expected results in the fourth quarter, higher than expected costs for the technical platform and higher personal costs, the company has decided to implement an action plan to balance revenue and costs.
“Broken down, this means, among other things, optimising the revenue side as well as introducing cost-saving and streamlining measures, as well as analysing messages and the market mix.”
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
