Fortuna profit up tenfold following regional expansion

Central and Eastern European gaming operator Fortuna Entertainment Group (FEG) saw its profit increase tenfold in the first quarter of 2018 following its year of acquisitions.

Figures released this week show the Czech Republic-based FEG’s revenue nearly tripling year-on-year to €77m in the three months ending March 31, while earnings shot up 665.5% to €22.7m and net profit soared 923.6% to €14m.

FEG CEO Per Widerström credited the growth to “operational excellence, new platforms and regional expansion,” the latter category having received a serious boost through a series of acquisitions that firmly established FEG in Romania and Croatia, building on its existing presence in the Czech Republic, Slovakia and Poland.

The gains weren’t entirely due to acquisitions, as organic revenue (excluding Hattrick Sports and Fortuna Romania) was up 63.2% to €40.2m while organic earnings more than tripled to €12.3m.