Remarkable turnround by Aussie betting group, and expansive plans for the future.
Australian online gambling group Centrebet International Limited has turned a loss of $2 million in 2004-2005 into a net profit for the year of $2.798 million in its latest financial results.
The company, which debuted on the Australian Stock Exchange in July posted an annual result ahead of its own forecasts and reported a good start to the year.
"The group has a great platform to not only deliver our forecasts for 2007 but deliver year-on-year growth that will reward our shareholders," said chairman Graham Kelly. "We have had a great start for 2007 and I am looking forward to delivering on the initiatives we have commenced and converting some of the other opportunities we are pursuing.
Centrebet said adjusted revenue of $47.1 million was $700 000 above the prospectus forecast. Total revenue rose 9 percent to $46.6 million, while earnings before interest, tax, depreciation and amortisation (EBITDA) was 13.4 percent higher at $10 million.
Adjusted actual EBITDA of $11.5 million was 4.6 percent above the gaming company's prospectus forecasts.
Managing director Con Kafataris said he was pleased with the results, adding that the company's strategy of cross-selling gaming products to existing clients, expansion plans into Spain, white labelling, mobile phone betting and the affiliate program would deliver strong revenue growth in the year ahead.
In line with its listing prospectus, Centrebet said it would not pay a dividend for 2005/06, but reiterated its forecast for a fully franked final dividend of 9.3 cents per share for 2006/07.
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