Jumbo post half-year profit results
Leading internet lottery business, Jumbo Interactive (ASX:JIN) today provided a trading update for the half year to December 2016.
Due to an unusually weak run of jackpot activity (41% less jackpots that reached $15m or more compared to half year December 2015), TTV is expected to be about $68 million, a decrease of about 16%.
However Net Profit after Tax is expected to be in line with December 2015 half year due to the positive contribution from the new Charity Lotteries division, a reduction in costs from the scaled down German Lottery division, and management of costs in Australia. “A very low run of jackpots in this half has impacted Jumbo’s TTV and Revenue, however the Net Profit After Tax is expected to be in line with the previous comparative period, and a higher dividend compared to the December 2015 half year is planned”, said Mr Mike Veverka, CEO and Founder of Jumbo Interactive.