eBet to continue growth strategy as profit gains 27 percent

    Australia’s eBet said its net profit before tax in the year to June 30th, 2014 rose 27 percent and that it will continue to pursue its expansion strategy.
    The company had a profit of $3.6 million ($3.3 million), up from $2.8 million on a normalized basis in the prior year. On a normalized basis earnings per share increased 6 percent to 19 cents.
    Revenue was down 6 percent to $40.8 million as a result of a transition to a new logistics and technical services agreement with WMS Gaming. But the company said more than half of its revenue was now sustainably recurring.
    eBet said its longer-term objective was to continue to increase its recurring revenue base to more than 55 percent of the total.
    “The robust normalized result is a testament to the strength of our core gaming systems and operations as we continue to execute our growth strategy of expanding our proven business model nationally across new markets,” CEO and managing director Tony Toohey said.
    During the year, the company expanded into Victoria and recently acquired the Flexi-NET gaming systems business.