the group is back in the black with a net profit of 24.6 million euros
Taking advantage of the gradual return of players to its various establishments, the Partouche group, number two in France in casinos behind the leader Barrière, is finally back in the black. Indeed, after having been in the red zone due to the closure of its establishments (a health crisis), Partouche’s half-yearly accounts are now back in the black. The listed company now intends to increase its investments in order to renovate and improve its existing gaming offer.
The gradual return to normal operations has done Partouche good
At the end of the first quarter of the 2021-2022 fiscal year, Partouche is finally back in profit. Indeed, the quarter ended at the end of April shows clear signs of improvement, especially compared to the heavy deficit incurred during the same period the previous year.
It should be remembered that a year earlier, Partouche had been severely impacted by the government’s decisions to stop the spread of Covid-19. As a result, all Partouche establishments in France were forced to close their doors, and were later subjected to a curfew. And to think that these measures were useless, the virus resurfacing from nowhere after having kept a low profile during the election period!
In any case, the gradual return to normal operations has done Partouche a lot of good, as its turnover has simply quadrupled year-on-year187.2 million (compared to 47.2 million at the end of Q1 2020-2021).
Also for the period between February 1 and April 30, 2022, Partouche generated Gross Gaming Revenue (GGR) amounting to €290 million (+€240 million compared to Q1 2021) despite a lower attendance rate. In fact, ” (…) Gamblers shunned our establishments because of the health constraints still in place during the period, in particular the vaccination pass, which was very badly received. Gambling activities picked up again as soon as the pass was lifted “, explains Partouche, very wary of the next announcements of the executive.
Partouche’s operating profit (EBITDA) returns to positive territory
It should be noted that Partouche’s operating result has become positive again, at 34.2 million euros. As a reminder, in the first half of the previous fiscal year, the group had posted a loss of 42 million euros, although this was reduced by the profits made thanks to the Ostend Casino in Belgium, which reached 2.3 million euros. However, Partouche has ceased operating the Belgian casino since July 29, 2021.
In the end, Partouche’s net profit amounted to €24.6 million24.6 million, compared with a loss of €88 million at April 30, 2021. As a result, the group’s debt is down by €31.3 million compared to the end of the fiscal year on October 31, 2021. This still amounts to 55.7 million Euro.
