Jumbo Interactive hit by low run of jackpots

Jumbo Interactive says it expects net profit after tax to be around A$2 million ($1.45 million), in line with the same period in 2015, according to a filing to the Australian Stock Exchange on Monday.

“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.

“Charity Lotteries are performing well and Jumbo is well placed for an improved second half should jackpots return to normal levels,” he said.

The internet lottery business said it expects revenue to be around A$15.3 million, a decrease of 14 percent year on year for the half year ended December 2016, while total transaction value is expected to be A$68 million, a decrease of around 16 percent.

Jumbo Interactive operates ozlotteries .com in Australia under agreements with the Tatts Group.