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    DGAP-News  360  0 Kommentare Tipp24 SE: Business development in the first half year burdened by seasonal effects and higher costs


    DGAP-News: Tipp24 SE / Key word(s): Half Year Results/Quarter Results
    Tipp24 SE: Business development in the first half year burdened by
    seasonal effects and higher costs

    06.08.2014 / 18:10

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    Report on the first six months of 2014


    - Revenue of EUR 68.2 million - adjusted year-on-year increase of 1.3
    percent

    - EBIT of EUR 6.0 million - adjusted EUR 7.1 million

    - Higher costs for the preparation of new business fields

    - Revised earnings guidance for the full year


    (London, 6 August 2014) In the first half of 2014, Tipp24 generated
    revenues of EUR 68.2 million (prior year: EUR 76.4 million). Consolidated
    EBIT amounted to EUR 6 million and thus fell short of the prior year EBIT
    of EUR 21.4 million. This was mainly induced by increased personnel and
    other operating expenses as well as a high winning payout of MyLotto24
    Limited of around EUR 6.7 million in March 2014. The EBIT margin declined
    from 28.1 percent to 8.8 percent.

    Adjusted for random statistical effects, consolidated revenues reached EUR
    66.6 million and thus exceeded the prior year figure of EUR 65.7 million by
    1.3 percent. The increase resulted mainly from the price increases in the
    German lottery "6 aus 49" which took effect in May 2013. However, towards
    the end of the second quarter customer activity and thus revenues were
    negatively affected by the football world championship, which distracted
    players from participating in lotteries, unusually good weather and a very
    low frequency of relevant jackpots. The similarly adjusted EBIT amounted to
    EUR 7.1 million (prior year: EUR 15.6 million) and the EBIT margin to 10.6
    percent (prior year: 23.7 percent).

    As a result of the lower operating result and a higher tax rate,
    consolidated net profit in the first half year amounted to EUR 1.5 million,
    well below the level of the previous year (EUR 15.4 million). Earnings per
    share amounted to EUR 0.17 (prior year: EUR 1.89).

    Dr. Hans Cornehl, Chief Executive Officer at Tipp24 SE: "Even against the
    backdrop of a seasonally slower business in the first half of the year and
    time delays in the ramp-up of new business fields, we remain confident to
    achieve our growth targets for 2014. However, costs will be higher than
    anticipated in the full year, even if the larger share of these cost
    increases will not be permanent."


    Outlook: Revision of earnings guidance for 2014

    On the background of a comparably weaker first half year and time delays in
    the ramp-up of new businesses, Tipp24 SE adjusts its forecast for the full
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    DGAP-News Tipp24 SE: Business development in the first half year burdened by seasonal effects and higher costs DGAP-News: Tipp24 SE / Key word(s): Half Year Results/Quarter Results Tipp24 SE: Business development in the first half year burdened by seasonal effects and higher costs 06.08.2014 / 18:10 …

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