Malta-based online gambling operator Unibet Group has announced its financial results for last year showing a 52.9 per cent drop in profits after tax to £8.8 million despite strong revenue growth.

Unibet reported that gross winnings revenues increased 29.7 per cent for the fourth quarter to £34.9 million, while those for full year rose 52 per cent to £123.4 million. In addition, profits from operations amounted to £12.8 million for the fourth quarter, an increase of 71 per cent, while those for the year also rose 71 per cent to £36.5 million.

The number of active customers grew by 11 per cent over the fourth quarter to reach 292,168, but this figure was down five per cent from 2007 as the firm focuses on higher quality players. Unibet defined an active customer as one that had placed a bet in the last three months but revealed that the number of registered customers increased six per cent to 3.1 million for the quarter while rising 25 per cent for the year.

“Our well balanced product portfolio and customer offering has resulted in growth in gross winnings of over 50 per cent and growth in profits from operations of over 70 per cent year-on-year,’ said Petter Nylander, Unibet’s chief executive officer.

“The focus on cost control and the investment cycle over the last two years coming to an end has resulted in higher margins and a drop in capital expenditure of 34 per cent. Our strong business model has delivered an increase in adjusted operating cash flow of over 170 per cent year-on-year.

“During the first six weeks of 2009 we still see a healthy growth in the business. This is why we reiterate that, given the growth in the online gambling market, it is difficult to determine what impact the actual financial situation in the world has on our business model.”