Norbert Teufelberger, Chief Executive Officer, said:
"2013 was a challenging year for our business, but it also marked a turning point as we increased our focus on regulated and to-be-regulated markets, began to roll-out new and refreshed versions of our mobile and desktop products, and commenced the transformation of our technology infrastructure through the adoption of the Agile development methodology. Having streamlined the shape and size of our business we now have the foundations to return our business to sustainable growth."
Key points
● Total revenue of €652.4m (2012: €801.6m) reflecting shift from 'volume to value', ISP blocking in Greece, migration losses and the full year impact of gaming taxes in Germany; nationally regulated and/or taxed markets represented 53% of total revenue (2012: 43%)
● Gross gaming revenue through mobile/touch grew by 77% to €76.9m (2012: €43.4m)
● Successful US launch - number one online poker network in New Jersey
● Costs reduced by €97m in 2013 versus 2012 compared with targeted savings of €70m
● Clean EBITDA from Continuing operations of €108.0m (2012: €164.9m) due to lower revenue, increased gaming taxes in Germany and start-up costs in New Jersey
● Continuing operating profit of €51.9m (2012: loss of €16.5m) driven by release of acquisition fair value provisions, absence of retroactive taxes and lower amortisation costs
● Continuing Clean EPS of 7.3 € cents per share (2012: 14.7 € cents)
● Current trading: average daily net revenue up 6% versus Q4 13 with nationally regulated and/or taxed markets representing 56% of net revenue
● Recommended final dividend up 5% to 1.80 pence per share (2012: 1.72 pence) making a total FY13 dividend of 3.60 pence per share (2012: 3.44 pence)
