Tipp24 Q3 revenues up by a third
Lottery operator on course to hit revised full-year target following revenues and EBIT rise
Tipp24 posted a 33% rise in revenues for the three months ended 30 September with the company revealing its planned rebrand could be completed as early as next week.
The lottery operator’s Q3 revenues totalled 37.2m, an increase on the 27.9m posted in the corresponding period last year, while EBIT grew by 9% year-on-year to 5.1m.
Total EBIT for the first nine months of the year now stands at 11.1m, following a near wipe out in Q1, and CEO Dr Hans Cornehl said he expected the firm would achieve its revised full-year EBIT forecast of 15-25m.
“After the first three quarters, revenues and earnings are in line with our revised forecast in early August,” Cornehl said.
The operator, which relocated to London at the start of the year, recently launched US-facing venture Lottovate at the end of September to target a market it considered to have been neglected.
During the same month the firm also released a new location-based draw game called GeoLotto to the British market and Dr Cornehl said the firm was “making good progress with the establishment of new businesses.”
However, due to its relocation earlier in the year, the firm has been faced with increased operating expenses and one-off costs which have seen net profit for the first nine months of the year tumble from 18.4m in 2013 to 1.1m.
Next week the company will hold an Extraordinary General Meeting during which it is expected to rubber-stamp a rebrand of the company to ZEAL Network, with the new name coming into effect a few days thereafter.
The operator’s share price on the Frankfurt Stock Exchange was 39.40 at the time of writing, up from 37.62 at the start of trading.