Solid performance in sports, casino & games and emerging businesses offset by new German gaming tax and a decline in poker. Pro forma revenue down 2% to €801.6m. Actual revenue up 16% driven primarily by the Merger*
● Pro forma Clean EBITDA from Continuing operations down 17% to €164.9m due to flat revenue, increased gaming taxes and compliance costs. Actual Clean EBITDA from Continuing operations down 2% to €164.9m
● Continuing pro forma Clean EPS of 14.7 € cents per share (2011: 18.5 € cents); actual Clean EPS of 14.7 € cents per share (2011: 17.9 € cents)
● Current trading impacted by dotcom migration and increased focus on nationally regulated markets with associated reduction in dotcom marketing spend: average gross daily revenue of €2.4m (Q412: €2.6m) but with an offsetting increase in Clean EBITDA margins
● Simplifying our operating model to focus on value rather than volume to drive the core business in regulated markets and invest in new growth areas
● Revenue for 2013 now expected to be slightly lower than current market estimates, but impact on Clean EBITDA to be offset by cost savings. The Board remains confident about the full year result
● Recommended final dividend up 10% to 1.72 pence per share (2011: 1.56 pence) making a total FY12 dividend of 3.44 pence per share (2011: 3.12 pence)
