CENTREBET PREDICTS GOOD RESULTS
10 July 2009
Trading statement reports that profits will
be at the upper end of previous guidance notes
The Australian business media are reporting that online
gambling group Centrebet is expecting its profits to be
at the upper end of previous guidance reports, thanks to
growth in the Australian Internet betting market, which
has recently seen advertising restrictions removed after
court actions (see previous InfoPowa reports)
The
online betting group has also predicted strong profit
growth in 2009/10 as it looks to increasing market share
in Australia.
Centrebet spokesmen said the
group's net profit after tax for the year ended June 30,
2009 would be at the upper end of its guidance of $10
million to $11 million on an adjusted basis, and $7.5
million to $8.5 million on an actual basis.
Based upon unaudited accounts, total revenue for the
2009 financial year rose 6 percent to $66.2 million,
with Australian online revenue - representing 50 percent
of total revenue - up 23 percent to $32.9 million.
European revenue (excluding poker) - representing 39
percent of total revenue - was flat at $26.1 million.
European poker revenue - which represented six percent
of total revenue - was down by 17 percent, at $3.8
million.
Centrebet managing director Con
Kafataris said the company had responded well to recent
deregulation in the betting industry.
"While
deregulation of the industry has presented some
short-term cost challenges, it has created an attractive
outlook for Centrebet to continue to grow market share,"
he said in a statement.
"We expect the overall
industry to show strong growth over the medium term, and
Centrebet is well positioned to maximise our share of
that growth through customer-focused product offerings,
targeted marketing investment and disciplined risk and
cost management."
Centrebet said its 2009/10
profit would be boosted by the full year effect of a
cost rationalisation program that was now complete.
The company would also benefit from the launch in
May of fixed odds management contracts with the West
Australian, ACT and Tasmanian TABs.
Under the
contracts, Centrebet will manage upwards of $200 million
a year in fixed odds betting turnover on behalf of the
TABs.
Centrebet said it would increase its
spending on marketing in Australia and core European
markets and reduce spending in non-core European
markets.
Total spending on marketing in 2010 was
expected to be less than in 2009.
In 2007/08,
Centrebet increased its bottom-line net profit by 16.8
percent to $13.01 million.
The trading report
pushed up share prices by 3.5 cents.
Online Casino News Courtesy of
Infopowa
More news here.
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