Svenska Spel Q2 revenue down 19% amid “difficult times;” H1 profit up 12%

Swedish operator Svenska Spel saw revenue of SEK 1.64bn ($182.3m) for the second quarter of 2020, a fall of 19% year-on-year.

Operating profit for the period amounted to SEK 473m, a drop of 11% from 2019. The operating margin was 29%.

Svenska Spel attributed the decline in Q2 revenue to the closure of physical casinos and cancellation of sports as a result of the COVID-19 pandemic.

Despite this, the operator saw operating profit increase year-on-year for the first six months of the year. The company saw operating profit of SEK 1.17bn, a rise of 12%.

Net gaming revenue for H1 fell by 10%, to SEK 3.7bn, while the operating margin stood at 32%.

Commenting on the results, Patrik Hofbauer, president and CEO of Svenska Spel, praised the group’s ability to generate stable profit amid “difficult times.”

He said: “We show innovative power and perseverance during a tough time by continuing to launch new games and improve the gaming experience for our customers.

“We are on the way up again after having managed the rapid transition to the big and unexpected changes during the spring.”

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