Wednesday August 8,2012 : TIPP24 SE POSTS Q2-2012 RESULTS
Revenues may have declined, but profits are up at German gambling group
German online gambling group Tipp24 SE posted its Q2-2012 results this week, reporting a slight decline in revenues but a rise in pre-tax profits.
Highlights of the quarter included:
* Revenue of Euro 32.7 million (Euro 35.1 million in previous year)
* Earnings Euro 26.5 million (Euro 22.6 million)
* Net profit Euro 21.3 million (Euro 15.8 million)
The company additionally published its H1-2012 performance numbers, showcasing:
* H1-2012 revenues at Euro 68.2 million, down 0.05 percent on H1-2011
* Earnings up 12.4 percent to Euro 38.5 million
* Net profit soared 28.7 percent to Euro 30 million.
* Earnings before interest and tax amounted to Euro 26.4 million
* Full year 2012 revenues should reach Euro 130 million, with earnings predicted to reach Euro 35 million, and EBITDA reaching Euro 48 million following the Euro 18.2 million spin off into a public limited company of subsidiary Lotto24 AG.
Management reported that Tipp24's results were once again powered mainly by business activity outside Germany.
“Revenues in Germany totalled Euro 300,000 and earnings before interest and tax were up strongly to Euro 11.3 million from a deficit last year of Euro 3.05 million, the report noted.
The future will see the group’s continued focus on its ‘international business’ and especially the creation of a ‘new business division offering Internet services for lottery companies’, Management said.
“Compared to other sectors, the international online lottery market is remarkably underdeveloped and the opportunities for significant growth in the coming years are, therefore, great,” said Hans Cornehl, chief executive of the group.
“Tipp24 is excellently placed to benefit strongly from such growth. Moreover, we see attractive additional potential in new product categories and in the course of any liberalisation of the European lottery markets.”