BETTER NEWS FROM GERMANY (Update)
20 November 2009
Tipp24 results are positive
Last week's dismal warnings from German lottery company
JAXX AG (see previous InfoPowa reports) have been
ameliorated this week by a set of positive YTD results
from Hamburg-based Tipp24 AG.
The online lottery
operator has released its financial results for the nine
months of 2009 showing a 62.8 percent year-on-year rise
in revenues to Euro 53.7 million.
As a result,
the German firm has retracted a profits warning that it
instituted in September this year and is confident that
its consolidated EBITDA for the full year should reach
Euro 43 million. The predictions issued in September
have fortunately been overtaken by better business which
has moved the estimates up by some Euro 13 million on
revenues that are now expected to reach Euro 73 million
by year-end.
This amount could reach Euro 95
million when income from successful hedging transactions
is added.
Hans Cornehl, Executive Board Member
for Tipp24, used the announcement of the improved
results to criticise the inequitable and protectionist
bans imposed in Germany through the notorious State
Treaty on Gaming (see previous InfoPowa reports), noting
that this has failed to reach its objectives.
“This has now been recognised by Schleswig-Holstein’s
government," the executive noted, confirming speculation
that the state of Schleswig Holstein is pulling out of
the treaty, thus neutralising it. "In the long term,
politicians will not be able to restrict the development
of the fast-growing market for online lottery brokerage.
We are, thus, optimistic that we can resume our business
activities in Germany in the medium-term.”
Tipp24's EBITDA for the nine-month period more than
quintupled from Euro 6.3 million in 2008 to Euro 33.1
million most recently while consolidated net profits
improved to Euro 25.1 million from Euro 4.7 million.
The good results were mainly possible through
non-German markets with revenues from this segment
soaring to Euro 52.9 million for the first nine months
of 2009 from Euro 4.2 million in 2008 while EBITDA grew
to Euro 42.7 million from a loss last year of Euro 1.6
million.
Online Casino News Courtesy of
Infopowa
More news here.
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