Åland Islands-based operator Paf posted record revenue of €135.0m (£114.6mm/$142.8m) for its 2021 financial year, primarily due to growth within its online gambling business.
Group revenue for the 12 months to 31 December 2021, Paf said, was 19.5% higher than €113.0m in the previous financial year.
Revenue from the operator’s online gambling business increased by 20.4% year-on-year to €121.2m, helped by a rise in the number of active customers to 384,683, which was also a new record for the group.
Paf said this area of the business was also helped by the acquisition of the Speedy Ltd and Speedy Originals Ltd operations in August 2021, which contributed to €6.3m to the overall revenue total.
This growth also came despite Paf reducing loss limits for online customers. Players could only lose a maximum of €20,000 during the entirety of 2021, compared to €25,000 in 2020 and €30,000 in 2019.
Revenue from Paf’s land and ship-based operations also increased by 12.2% to €13.8m, which the operator was explained by a year-on-year rise in passenger numbers following the easing of novel coronavirus (Covid-19) restrictions. Other income for the group reached €6.8m.
Turning to costs and materials and services expenses were 15.2% higher at €30.3m, though staff costs were reduced by 12.7% to €23.4m. Activated development expenses stood at €721,705, depreciation and amortisation at €4.7m and amortisation of goodwill €5.4m.
After accounting for €42.1m in other operating expenses, this left an operating profit for the year of €35.7m, more than double the €17.4m posted at the end of 2020.
Financial costs amounted to €294,442, meaning pre-tax profit was €35.4m, an increase of 103.5% on the previous year. Paf paid €1.2m in tax and deferred further €179,816, which meant it ended the year with a net profit of €34.3m, up 105.4% year-on-year.
“2021 was once again a strange year with the pandemic constantly present and influencing our everyday lives and our working life,” Paf chief executive Christer Fahlstedt said. “However, we have adapted in a completely different way compared to last year, and so slowly a new way of working has emerged.
“Now that we hopefully see the end of the acute phase of the pandemic, there are many new ideas and lessons to be learned that we will take with us and that make us a better and more flexible company for both our customers and our employees.”
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