Tipp24 Profits Down

Thursday August 8,2013 : NET PROFIT DOWN IN Q2-2013 FOR TIPP24
Shareholders happy with move to London
German online gambling group Tipp24 SE has posted Q2-2013 statistics, claiming that it has maintained successful progress in the first half of 2013, and anticipates meeting full-year expectations.
Consolidated revenue – generated almost entirely abroad – was up 12.1 percent to Euro 76.4 million (prior year: Euro 68.2 million), while consolidated EBIT of Euro 21.4 million fell well short of its prior-year level of Euro 38.5 million.
Last year's result included special items with a positive effect on income of Euro 18.2 million from the spin-off of Lotto24 AG, and the EBIT margin fell for the same reasons from 56.5 percent to 28.1 percent. As a consequence, consolidated net profit of Euro 15.4 million was also down on the previous year (Euro 30 million).
Net profits of Euro 6.4 million in Q2 2013 were significantly down from Euro 21.3 million in the same 2012 period.
Earnings per share from continued operations amounted to Euro 1.89 (Euro 3.65) in the reporting period.
The company announced that it had shareholder approval for the relocation of the company's registered office to London. The company is planning the move as a logical consequence of its strategic realignment with a clear focus on international business.