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B90 Holdings PLC - Isle of Man-based online marketing company - Buys remaining 49% of Cyprus-based T4U Marketing Ltd, which operates tippen4you.com, an online gambling website focused on the German market. The acquisition is completed through B90 issuing 500,000 new shares at a value of around £23,750 based on B90's closing price on Monday. Tippen4you.com ‘earns revenues by entering into affiliate agreements with operators who are active in the German market, one of the largest and most developed online gambling markets in Europe,’ B90 Holdings explains. ‘The acquisition reinvigorates the affiliate side of our business and gives us a strong foothold in Germany,’ says Executive Chair Karim Peer.
Additionally Tuesday, B90 reports a higher loss in 2021 as administration expenses grow. Pretax loss in 2021 widens to €3.4 million from €2.4 million in 2020. Annual revenue edges up to €826,855 from €813,011, but this is outweighed by total administrative expenses climbing to €4.1 million from €3.1 million in 2020. ‘Due to expanding operations, the group had increased salary expenses as our number of employees grew during the year,’ B90 explains. Proposes no dividend for 2021 due to loss, unchanged for a year ago.
B90 says trading in 2022's first five months are in line with management expectations, mostly from its entry in the Brazilian market, where it launched operating brands in April. ‘The number of new players acquired in the month of April 2022 exceeded the number of players acquired in the full year of 2021.
‘The team is focused on further geographic expansion, with a particular focus on other countries in the Latin American market, and will provide further updates when appropriate,’ firm adds. ‘As a result of local regulation in countries such as Germany and the Netherlands which took effect in 2021, sportsbook and casino revenues decreased in 2021 compared to 2020,’ it continues. To mitigate the effects, B90 now focuses more on Latin America and the Nordic region.
Current stock price: 4.70 pence
12-month change: down 56%
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