Partouche Group Reports 10.2% Revenue Surge, but Net Earnings Decline
The French gaming conglomerate Partouche unveiled its 2023 fiscal report, showcasing a 10.2% surge in earnings to €701.5 million (£598.8 million/$759 million), but a dip in net earnings.
Partouche Group declared that overall gambling revenue (GGR) climbed by 10.2% year-over-year in 2023, reaching €701.5 million. This signifies a substantial increase compared to the €636.7 million reported in 2022. The group observed that the 2022 figures were impacted by the pandemic, with restrictions only partially lifted in March of that year.
Partouche Group attributed the revenue expansion in 2023 to robust performance in several key sectors. Slot machine GGR rose by 7.6%, while GGR from traditional electronic games in France ascended by 20.3%. Furthermore, online gaming GGR in Switzerland climbed by 41.6% year-over-year.
Net gaming revenue (NGR) expanded by 9.0% to €332.9 million, and turnover excluding NGR increased by 9.6% to €94.3 million. On a global scale, consolidated turnover surged by 9.0% to €423.8 million.
Despite the revenue growth, net earnings declined in 2023.
Expenditures and costs rose almost across the board. Employee expenses were the largest outlay, at €177.2 million, up 5.5%, while procurement and external expenses jumped by 16.9% to €142.6 million.
Current operating profit increased by 18.3% to €27.4 million.
In spite of this, the Patuqi Group’s net income for 2023 was €23.4 million, a drop of 37.0% from €37.1 million in 2022, primarily due to a reduction in certain earnings compared to 2022. In 2022, the Patuqi Group reported €17.6 million in non-operational income, which included €14.1 million in gains from the sale of combined expenditures and €3.5 million in other non-current asset income.
Considering these figures in the year-over-year comparison, operating profit decreased by 32.7% to €27.4 million. After taking into account €2.9 million in financial expenses, profit before tax was €24.5 million, a decline of 36.2%.
The Patuqi Group paid €1.1 million in taxes and reported €0.1 million in stock-based costs.
However, there was more positive news on the EBITDA front. EBITDA increased by 0.7% for the entire year to €76.1 million.
The Patuqi Group provided an update on the progress of its online casino operations in Belgium, along with its full-year financial results.
The Patuqi Group collaborated with Betsson in Belgium last June. Previously, Betsson had agreed to acquire Belgian sports betting and gaming operator BetFirst Group for €120 million. The deal would provide the Patuqi Group access to the country’s online casino market.
The partnership will initially focus on Belgium, with the possibility of expanding to other markets. At the time, both parties stated that the launch in the Belgian market was contingent upon obtaining the necessary licenses. The Patuqi Group already possesses offline casino licenses in the country.
The Patoush Organization declared in its most recent publication that its Middlekerk Gaming House has been given authorization for internet wagering. The permit became active this month (January).
The gaming house will also be shifting to a new site later this year. Middlekerk has been operating temporarily in a distant lodging facility since joining the Patoush Organization in July 2022. It will move to a coastal area in March.
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