Tipp24 SE: Adjustment of earnings forecast for the fiscal year 2014

Tipp24 SE / Key word(s): Change in Forecast/Half Year Results
06.08.2014 18:04

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG.
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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 year 2014. While the company still expects to grow revenues to between EUR 135 and EUR 145 million, it is reducing its EBIT forecast to between EUR 15 to EUR 25 million. The stated ranges also take account of statistical fluctuations in payouts for our secondary lottery business.
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 6.0 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, customer activity and thus revenues were negatively affected towards the end of the second quarter 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).

06.08.2014 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language:     English
Company:      Tipp24 SE
              25 Southampton Buildings
              WC2A 1AL London
              United Kingdom
Phone:        +44 (0)20 3739-7123
Fax:          +44 (0)20 3739-7199
E-mail:       frank.hoffmann@tipp24.co.uk
Internet:     www.tipp24.co.uk
ISIN:         GB00BHD66J44
WKN:          TPP024  
Indices:      SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart  
End of Announcement DGAP News-Service  

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