Lotto24 to target ‘moderate growth’ after revenue hike

German online lottery broker Lotto24 is to target “moderate growth” in the 2015 after it recorded a strong year-on-year increase in revenue during the 12 months through to December 31, 2014.

Lotto24 reported in its preliminary results that it generated €8 million ($9.2 million) in revenue during 2014, an amount that is 180% higher than the €2.8 million posted in the previous year.

The broker also achieved billings of €82 million, which represents a 168% increase on the €30.5 million posted in 2013.

In addition, Lotto24 reported that its gross margin of 9.5% in 2014 exceeded both the previous year’s figure of 9.1% and its respective forecast for the last 12 months.

Lotto24 put much of this success down to the growth of online lotteries in Germany, with online revenue from state-owned companies and private brokers up by more than 50%.

However, despite this success, Lotto24 did report that it incurred a loss of almost €16 million due to investment in further expansion of its services.

The broker noted that it had forecast this following a loss of €10.5 million in the previous year.

Lotto24 also saw preliminary earnings from operating activities increase from a loss of €11.3 million in the previous year to a negative of €14 million in 2014.

Lotto24 expects to publish its annual report for 2014 on March 26.

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