Swedish Gaming Group undergo reorganization

24hPoker is a developer of proprietary software applications for online gaming operations, as a part of the Swedish gaming group.

Peter Astrom, CEO of 24hpoker announced his strategy to reorganize his company in order to become profitable. He was quoted as saying; “24hPoker has not been profitable and we have therefore decided to re-organize and make the organization more efficient to take control over our costs.” He added; “To realize personnel cuts is never pleasant to do, but cost control is one of the four cornerstones’ we build our strategy on. This is one step in the process of turning the company back into profitability,"

Astrom’s projections for this re-organization anticipates a cost savings amounting to approximately SEK6 million (approx. $920,000). The third quarter of this financial year sees SEK1.5 million set aside for costs related to personnel cuts.

Reaction to this regrouping strategy seems to have a positive result. At the time of writing, shares in 24hPoker, which operates through subsidiaries 24hPoker AB and B2B Poker AB, were up 5.26 percent on the day but down 25.49 percent over the previous 52 weeks.