German Fluxx announces 132 % rise in revenue
The company said that its sports betting business generated over half the total revenue in the past financial year.
Earnings before interest and taxes (EBIT) were down from 2.3 million euros in 2005 to -5.9 million euros in 2006, and were on a par with the provisional result announced. The reversal was attributable to increased depreciation and amortisation in the business areas of syndicates and lottery from retail outlets.
The sports betting provider myBet.com, which has belonged to the Fluxx Group since the start of 2006, contributed a negative EBITDA (loss) of 2 million euro as a result of high marketing expenses in connection with the football World Cup. It is, however, expected to make a positive contribution to earnings in 2007 according to the group, and myBet.com was already operating profitably in the first two months of the current financial year it said.
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