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Revenue growth of 72.4 percent recorded for Tipp24
Friday August 5,2011 : TIPP24 DELIVERS IMPRESSIVE RESULTS
Revenue growth of 72.4 percent recorded in Half Year results.
Following record earnings in 2010, German lottery provider Tipp24's Half Year 2011 results continue to impress.
Key performance indicators include:
- Consolidated revenue of Euro 70.1 million (H1/2010: Euro 40.6 million), indicating an impressive growth of 72.4 percent.
- Consolidated EBIT reached Euro 33.5 million (H1/2010: Euro 6.5 million)
The company attributes its good results to the Abroad segment of its business which brought in revenue of Euro 69.8 million (H1/2010: Euro 40.3 million).
German segment revenues reached Euro 1.8 million (H1/2010: Euro 1.6 million) due to the significant regulatory restrictions imposed on lottery activities and start-up losses in the Skill-Based Games division.
Following uncertainty surrounding German gaming legislation, Tipp24 SE temporarily suspended brokering state-licensed and guaranteed gaming products via the internet in Germany due to the introduction of the German State Treaty on Gaming.
The company continues to look to the German authorities to make the necessary legal amendments to develop EU-compliant legislation in the country that will allow it to resume its previous activities as a private gaming broker from its base in Germany "with immediate effect".
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