Tipp24 suffers heavy losses in third quarter

Online gambling operator Tipp24 has insisted that its plans are progressing as expected despite having suffered a significant drop in revenue during the third quarter of 2013.

The firm posted revenue of €27.9 million ($37.7 million) for the latest quarter, a 24.3% drop on the €36.9 million recorded in the corresponding quarter last year.

Earnings before interest and tax also fell by 46.9% from €9 million to €4.8 million, while the company also suffered a heavy drop in profit, which decreased 54.6% from €6.6 million in Q3 of 2012 to €3 million in the latest quarter.

Tipp24 now has revenue of €104.4 million for the first nine months of 2013, a slight drop on the €105.1 million posted in the same period last year.

EBIT is down by 44.8% in the first nine months of the year to €26.2 million, while profit has also fallen by 49.8% to €18.4 million.

Despite the disappointing figures, Tipp24’s chief executive officer Hans Cornehl said that the firm’s plans are still on track.

“We continued to drive our activities in connection with the strategic realignment of Tipp24 SE in the third quarter: the relocation of our company’s registered office to London is progressing as planned and is now expected to be completed in January 2014,” he said.

source : www.igamingbusiness.com

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