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Tipp24 Profits Dive

Thursday August 7,2014 :  PROFIT DIVES AT TIPP24
 
Online betting group reports that higher costs have induced a decline in profit for second quarter running.
 
Internet gambling group Tipp24 has reported reduced profits for a second consecutive quarter, blaming increased costs in the ramping up of new businesses.
 
On Thursday the company adjusted its forecast for FY 2014, estimating that it will grow revenues by between Euro 135 and Euro 145 million, and expects a reduced EBIT of Euro 15 to Euro 25 million.
 
In the first half of 2014, Tipp24 generated revenues of Euro 68.2 million (H1-2013 Euro 76.4 million). Consolidated EBIT came in at Euro 6 million, falling well short of the same period last year, when Euro 21,4 million was achieved.
 
This was attributed mainly to increased personnel and other operating expenses as well as a high winning payout of MyLotto24 Limited of around Euro 6.7 million in March 2014. The EBIT margin declined from 28.1 percent to 8.8 percent.
 
The company reports that customer activity and thus revenues were negatively affected towards the end of the second quarter by the World Cup football championship, which distracted players from participating in lotteries, along with unusually good weather and a very low frequency of relevant jackpots.
 
The lower operating result and a higher tax rate resulted in a consolidated net profit in H1-2014 of just Euro 1.5 million, well below the Euro 15.4 million achieved in the previous year.
 
Dr. Hans Cornehl, CEO at Tipp24 SE, said: "Even against the backdrop of a seasonally slower business in the first half of the year and time delays in the ramp-up of new business fields, we remain confident to achieve our growth targets for 2014. However, costs will be higher than anticipated in the full year, even if the larger share of these cost increases will not be permanent."



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Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

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3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

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