Despite recording lower profits in 2013,online gaming provider Tipp 24 manages to surpass negative forecast.
In 2013, the company posted a total revenue income of $178.6 million, which is lower than what they achieved in 2012, as the figures stood at $196 million.
Accountants at the mobile casino claimed that EBIT decreased to $26.8 million in 2013, compared to $77.6 million in 2012.
This all made an impact on net profits. In 2012, the figure was $56.2 million, while in 2013 net profits were $14 million.
Tipp24 attributed the negative results to a several important factors. Firstly, they generated lower than expected sales, while also being forced to pay out large winnings to their mobile betting customers.
They reported a payout of nearly $31 million, which hurt their results in the last six months of 2013.
Positive forecast for 2014
Although experiencing a rough financial situation in the previous year, 2014 on the other hand looks bright. The forecast predicts revenues for this year will be in the region between $185-$200 million.
Tipp24 issued a statement regarding its financial results.
“Tipp24 SE strictly pursued its international strategy in fiscal year 2013 and surpassed its own revenue and earnings forecast for its operating business.”
In efforts to succeed with its international business plan, Tipp24 has recently relocated its offices to London, where it hopes it will successfully introduce its services to the UK, but also to North America.