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Tipp24's move to the UK
Thursday May 16,2013 : AMERICAN AMBITIONS FOR GERMAN LOTTO FIRM
Tipp24's move to the UK opens up new business opportunities
The German online lottery company Tipp24 SE’s move from Hamburg in Germany to the United Kingdom opens up new business opportunities for the company, including a possible foray into the US market, says chief executive Hans Cornehl.
Cornehl announced the firm's American ambitions during the release of Tipp24's Q1-2013 numbers that included a 5 percent rise in revenues to Euro 37.4 million.
Other highlights of the report included:
* EBITDA slightly lower y-o-y at Euro 12 million
* Margin down 1.8 percent to 32.2 percent.
* Consolidated net profit up 3.2 percent to Euro 9 million
The company is to expand its British presence after acquiring UK company Genomics Global Games Limited (formerly Roboreus Limited) in late 2012, Cornehl revealed.
“The conditions for our strategic international development are significantly better in the UK than in any other European company,” he said.
“We also see clear signs for a deregulation of the lottery market in North America, and we plan to tap this market more efficiently from our base in London as a partner of the state lottery companies. We shall make targeted use of our leading technological and marketing expertise."
Financial manager Andreas Keil said the company was off to a good start in 2013.
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