Tuesday November 13, 2012 : REVENUE GROWTH FOR AGTECH TIE-UP WITH LADBROKES
Revenues up 178 percent as Lucky Racing game increases in popularity
Chinese sports lottery software and systems developer AGTech Holdings Limited reported a 178 percent rise in total third quarter revenues amounting to HK$64.29 million year-on-year.
AGTECH, in partnership with UK bookmaker Ladbrokes, Formula-One based Lucky Racing game has surpassed total sales of HK$1.3 billion and is present in over 1 500 locations throughout the Chinese province of Hunan in just over a year since its launch.
Other key performance highlights included a gross profit for the three-month period of HK$18.7 million, up 5 percent and a decrease in its overall loss of almost three percent.
“We are pleased to see that our efforts to build a uniquely balanced complementary suite of businesses has borne fruit in terms of continued growth in revenues and gross profits,” said John Sun, Chairman and Chief Executive Officer for AGTech.
“We are excited not only by the overwhelming acceptance of the virtual sports fixed-odds betting game Lucky Racing by lottery players in Hunan but also the huge interest we have seen from other provinces and the very real progress that we are making to launch an additional game type in another province. These developments strengthen our belief that this new genre of game has great potential to significantly grow the sports lottery market on a national basis.
“While the group has successfully created a balanced business with leading positions across the main sports lottery verticals in China, the group believes that the business will continue to enjoy rapid growth and achieve further significant milestones in the coming months."