Key points
● Total revenue of €611.9m (2013: €652.4m) reflected the full year impact of ISP blocking in Greece and further declines in poker, partially mitigated by the FIFA World Cup; nationally regulated and/or taxed markets represented 56% of total revenue (2013: 53%)
● Gross gaming revenue through mobile/touch grew by 99% to €153.2m (2013: €76.9m) with solid growth across all verticals
● Planned cost reductions of €30m within Clean EBITDA were exceeded and a further €15m of additional savings remain on-track for 2015
● Clean EBITDA~ of €101.2m (2013: €108.0m) declined primarily due to lower revenues and increased start-up losses in the US
● Non-cash impairment charge of €104.4m (2013: €9.4m) against poker-related and certain other intangible assets and non-core investments resulted in a €94.3m loss after tax (2013: profit of €41.1m)
● Industry consolidation: discussions with several parties continuing following receipt of indicative proposals regarding a variety of possible business combinations
● Clean EPS~ of 4.8 € cents per share (2013: 7.3 € cents)
● Current trading and outlook: betting volumes ahead but softer than expected gross win margins resulted in a decline in average daily revenues; trading overall has been broadly in-line with expectations and we remain confident about the full year outlook
● Recommended full year dividend up 5% to 1.89 pence per share (2013: 1.80 pence) making a total FY14 dividend of 3.78 pence per share (2013: 3.60 pence)
