Tipp24 profit slump continues
Full-year net profits down 74.6% to 10.4m despite lottery operator exceeding its own forecasts
German online lottery operator Tipp24 has posted another set of disappointing results after full-year profits slumped by nearly three-quarters in 2013.
According to its preliminary results for the year, consolidated net profits fell 74.6% year-on-year to 10.4m compared to 40.9m in the previous year, despite the company exceeding its revised forecasts for the year.
Revenues also dropped by 9% year-on-year from the 142.7m recorded in 2012 to 129.9m during 2013, although these were positively impacted by hidden reserves from the spin-off of Lotto24.
The operator had previously downgraded its revenue forecast for 2013 at the end of last year from between 130m to 140m following a winnings payout of 15.7m.
The Tipp24 executive board today also announced it had agreed to consider paying a one-off interim dividend of 7.50 per share at end of April 2014.
The disappointing results continue a trend set in the operator’s Q3 report, which showed a 54.6% reduction in net profits year-on-year.
Tipp24 is set to announce its full unaudited results for 2013 on 26 March.
In other news:
– Betclic faces criminal sanctions from Belgian authorities
– 888 restructures team following bingo review