Jaxx Delivers Hy1 2011 Results

JAXX DELIVERS HY1 2011 RESULTS

12th August, 2011 at 14:57:44
Source: http://www.azonlinecasinos.com

Management stands by its end year forecast for significant revenue and earnings growth

German gaming firm JAXX SE is pleased with what the company calls a balanced performance in the release of its first half 2011 results.

Key Performance Indicators for first half 2011 include:

- Gross revenue increased by 28% to Euro 81.4 million (HY1/2010: Euro 63.7 million).

- JAXX completed the first half-year with a result of Euro -189 thousand (HY1/2010: Euro 599 thousand).

- EBIT fell to -0.2 million (HY1/2010: Euro 0.6 million).

- Consolidated net loss improved to Euro -171 thousand (H1/2010: Euro -0.7 million) due to an improvement in contribution to earnings from discontinued operations.

- myBet.com, the sports betting portal of the JAXX Group, showed a decline in active users attributed to the spike in the World Cup comparative period.

- myBet.com increased the average monthly stake from Euro 154 to Euro 275 per active customer.

Mathias Dahms, CEO of JAXX SE said:

"Overall we can be very satisfied with the performance of our business, even though the high number of wins by favourites cost us a lot of money in the second quarter - but that is a bookmaker's risk and it is part of the business. The trend in growth is intact, however, customer values are developing very positively and the company has turned around.

"All we need now is a sensible regulatory basis for gambling in Germany. And this is very close now - if the state government in Schleswig-Holstein keeps its word and enacts its new law as planned at the end of August. The other states will then have to come to their senses as otherwise they will be unable to share in the positive development in Schleswig-Holstein. We will then see a domino effect.

"The Management Board stands by its forecast of ending the 2011 financial year with significant revenue and earnings growth in a market environment still hampered by regulatory conditions. Gross revenue will be between Euro 170 million and Euro 200 million with EBIT of between Euro 1.0 million and Euro 2.0 million."

Looking forward the company is optimistic with regard to the following developments:

- Regulation of the German gambling market - at least by Schleswig-Holstein. JAXX is confident it will receive necessary licences.

- myBet.com is expected to receive its Italian licence in the coming weeks.

- myBet.com is planning on online expansion in Belgium where it holds a betting shop licence at present.

- Applying for Spanish licencing by the end of the year.

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