Svenska Spel reports stable results for 1Q20

Net gaming revenues reached SEK2055million (€189million) during the first three months of the year, compared to SEK2056million in 1Q19.

Sweden.- Svenska Spel has reported stable financial results for the first quarter of 2020 with a slight uptick in online gambling.

The results come amid the Coronavirus pandemic, which has seen retail gambling locations close for several weeks.

Net gaming revenues reached SEK2055million (€189million) during the first three months of the year, compared to SEK2056million in 1Q19.

Online gaming grew by 13 per cent and the digital business now accounts for 41 per cent of total revenue.

Profit for the group amounted to SEK545m (€50million) and operating margin was 34 per cent (25 per cent).

While the results are promising, the the group has taken cost-cutting steps to ensure it can survive the Coronavirus outbreak.

This includes introducing reduced working hours for 45 of its 135 employees.

In addition, Svenska Spel’s board has decided to withdraw its proposal for a dividend, “as the effects of the Coronavirus are difficult to overlook.”

Patrik Hofbauer, President and CEO of Svenska Spel, said: “Svenska Spel, like many other companies and organisations, has quickly been forced to adapt to a new reality with the effects of the coronavirus.”