The online gambling operator Tipp24 have today announced their first quarter revenues for 2014, revenues that have dropped sharply compared to 2013, but the company are confident they can turn things around.
Tipp24 posted revenues for the first quarter of 2014 that are €6.6million down compared to the same period as last year, with revenues now showing just €30.8million compared with the €37.4million for the first quarter of 2013. Consolidated earnings are also down at Tipp24 too, to now stand at just €1.3million for this year, down from the €12million of 2013, though a €6.8million jackpot payout in March did little to help these figures.
Net profits for the first quarter of 2014 dropped alarmingly from the €9million of last year to now stand at just €109,000, though again the huge jackpot payout from March did little to help these figures.
Dr Hans Cornehl is the CEO at Tipp24 and he is “confident” that the company will be able to turn things around throughout the remainder of 2014. Speaking earlier today he said, “We are confident that we can offset the special items of the first quarter over the course of the year. We are therefore confirming the full-year guidance we issued on presentation of our annual results for 2013 in late March. Following the successful relocation of our head office to the UK in February, we continue to focus on the implementation of our internationalisation strategy.”
It will take a significant effort from everyone connected with Tipp24 to turn things around, but Dr Cornehl remains positive that his company will come out of their current slump, though only time will tell if they can.