ZEAL boosted by new UK tax laws in first half

ZEAL Network has revealed the introduction of the new Point of Consumption in the UK (PoC) Tax was one of the main reasons behind a year-on-year jump in earnings before interest and tax (EBIT) during the first half of 2015.

The online lottery firm, which rebranded from Tipp24 in 2014, posted EBIT of €18.5 million ($20.6 million), which represents an increase of 209% on the €6 million achieved in the same period last year.

ZEAL noted that a drop in gaming duty in the UK meant a “significant decrease of operating expenses” for the company, which in turn led to the jump in EBIT.

Net profit was also up from €1.5 million in the first half of 2014 to €12.7 million in the opening six months of this year, while earnings per share increased from €0.17 to €1.52.

However, ZEAL did see revenue fall from €68.2 million to €25.7 million, while total operating performance also dropped from €71.2 million to €65.5 million.

Reflecting on the results, Dr Helmut Becker, who will replace Dr Hans Cornehl as chief executive from September 1, said the firm is now in a position to pursue further growth.

“We have delivered strong earnings growth in the first half of the year and are on track to achieving our full-year targets.” Becker said.

“The company is well-positioned for further success while we continue to execute on our growth initiative.”

source : www.igamingbusiness.com

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