"We are on-track with our current cost saving measures, however it is clear that a more fundamental approach is needed to turnaround our commercial and operational performance. This requires a major change: we are simplifying our structure to accelerate the execution of our plans to drive revenue growth, increase our focus on customers in nationally regulated and/or taxed markets, and further reduce infrastructure costs," the company said in its earning statement.
It said the new approach would also allow it to consider alternative financing and corporate structures, which would create additional value.
It added that the moves will underpin its financial performance and said it remains confident about the full-year outlook.
The online gaming company reported a pretax loss of
Excluding impairments and other items like reorganisation costs, earnings before interest, tax, depreciation and amortisation fell to
It said the revenue decline reflected its shift from "volume to value", a weak international poker market and the loss of
It said revenue from nationally regulated or taxed markets grew to 56% of the total, up from 52% a year earlier, while mobile gaming revenue increased 125% to
Bwin.party said it remained on track to deliver
The company said trading has been in line with its expectations in the first two months of the current financial year, with average daily net revenue down 4% compared with last year.
"While the tail end of the FIFA World Cup delivered a helpful boost to betting volumes during the first two weeks of July, a later start to the Bundesliga in
Still, regulated and taxed markets were up 2% over the same period, driven by sports betting that was up 11% and casino that was up 7%.
Despite the new cost savings drive, bwin.party said it will raise its interim dividend to
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