Tipp24 SE confirm net profit surge of 28.7%
Following what it described as a strong Q1, Tipp24 has said it remains firmly on course to meet its objectives in the first six months of 2012. The company's consolidated revenue for the first half-year amounted to EUR 68.2 (previous year: EUR 68.6) million. Earnings before interest and taxes (EBIT) rose by 12.4 percent to EUR 38.5 (34.3) million. Consolidated net profit was up 28.7 percent to EUR 30.0 (23.3) million. The EBIT margin increased by 6.5 percentage points to 56.5 (50.0) percent. In the period under review, Tipp24 improved earnings per share from EUR 3.02 to EUR 3.65.
Outlining the company’s growth strategy Dr Hans Cornehl, CEO of Tipp24 SE, said: “Compared to other sectors, the international online lottery market is remarkably underdeveloped - the opportunities for significant growth in the coming years are therefore great. 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.”
The restrictions contained within the 'First State Treaty to Revise the State Treaty on Games of Chance in Germany' which came into force in 14 federal states in July 2012 and the unchanged legal uncertainties contained within it, means that Tipp24 SE will direct its energies to international markets with a sharp focus on delivering Internet services for lottery companies.