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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."
NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday -
Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.
Pro League Reveals Sportradar Contract Details -
The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.
NFL Odds: Steelers Visit Undefeated Chiefs #TNF -
The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.
Mega Moolah strikes again -
The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.
2 New Slots For Microgaming Casinos -
David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.
MLS Odds: Red Bulls vs. Whitecaps -
The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.
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