Recommendations » UK
Unibet Group (LON:UNIB) report: Q3 Trading update
By Daniel Stewart & Co
- Gross revenue for Q3/10 (?31m) came in c21% below consensus forecasts of ?37.5m. Similarly Q3/10 PBT ?6.8m was c16% below consensus forecasts. Number of active customers was c3% below Q3/09.
- As a result we estimate that Unitbet would need to put in a credible Q4 (revenue ?39m and PBT ?9m) in order meet FY consensus expectations (?151.4m) and consensus PBT (?33.6m).
- The company remains cautious about the outlook of FY10. The business has recently been awarded a license to operate in France, but as we have seen other operators (Ladbrokes the most recent) have recently pulled out of France citing the market as economically not viable due to the punitive tax regime.
- Unibet recently launched a new B2B sportsbook offering called Kambi Sports Solutions. Whilst we see this as a positive strategic move, it is to early to gauge any meaningful benefit Unibet might derive at this stage.
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