– Consolidated earnings rise by 46 percent to EUR 916 thousand
– 31 % growth in revenue
– Strong syndicate business pushes up gross margin
The Kiel-based gaming specialist FLUXX AG (ISIN DE0005763502) concluded the 2004 financial year with a substantial rise in revenue and earnings. On the basis of provisional, unaudited figures, consolidated earnings rose by 46 percent, from EUR 626 thousand in 2003 to EUR 916 thousand. Particularly the fourth quarter, in which the highest jackpot in lottery history contributed towards revenue of more than EUR 5.3 million, resulted in the highest consolidated earnings yet since FLUXX AG went public in 1999.
Revenue rose by 31 percent in 2004, from EUR 13.4 million in the previous year to EUR 17.6 million. The disproportionately high growth in business for lottery syndicates resulted in an increase in the margin to more than 24 percent on the betting stakes handled, which totalled EUR 73.0 million. In 2003, the margin was 19.5 percent and betting stakes totalling EUR 68.6 million were handled. The revenue disclosed by way of information consequently rose by 10 percent, from EUR 82.1 million to EUR 90.6 million.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) improved by 58 percent from EUR 1.5 million in 2003 to EUR 2.3 million in 2004. The acquisition of DSM Lottoservice GmbH and rapid expansion in syndicate business prompted a rise in capital expenditure in 2004. Despite the resulting higher depreciation and amortisation of some EUR 200 thousand, EBIT for 2004 was boosted by around 176 percent, from EUR 367 thousand to EUR 1.0 million.
The equity ratio showed a rise of 35 percent compared with the previous year’s reporting date, to 55 percent. Financial resources increased by a total of EUR 4.5 million to a current EUR 7.6 million.
The complete, audited consolidated financial statements for the 2004 financial year will be published on March 23.