Tipp24 upbeat despite revenue drop in Q1

Online gambling operator Tipp24 remains confident it can meet its full-year guidance despite having suffered a year-on-year drop in revenue during the three months to March 31, 2014.

The company posted revenue of €30.8 million ($42.6 million) in the first quarter of 2014, down from the €37.4 million it achieved in the corresponding period last year.

Tipp24 also reported that due to higher than expected winnings payouts, including a €6.8 million jackpot payout in March, as well as increased personnel expenses and operating costs, consolidated earnings before interest and taxes fell from €12 million in Q1 of 2013 to €1.3 million this year

Incidentally, net profit for the quarter totalled just €109,000, a significant drop on the €9 million it achieved in same period last year.

Dr Hans Cornehl, chief executive officer of Tipp24, said that despite the disappointing performance in the first quarter, he is confident the company can recover to meet its full-year guidance.

“We are confident that we can offset the special items of the first quarter over the course of the year,” Cornehl said. “We are therefore confirming the full-year guidance we issued on presentation of our annual results for 2013 in late March.

“Following the successful relocation of our head office to the UK in February, we continue to focus on the implementation of our internationalisation strategy.”

source : www.igamingbusiness.com

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