Altenholz-based lottery service provider Jaxx AG has announced its financial results for the previous three months showing a 71 percent rise in revenues to $36.35 million alongside a 270 percent growth in its Spanish business.
The gaming specialist stated that its results were evidence of its growing independence from the German lottery market, which continues to be badly affected by ongoing regulatory debates. In addition, it reported that sales from its Spanish lottery product received a considerable boost over the period while those from Germany continued to fall.
Jaxx stated that revenues for the first nine months of the year were up 81 percent from $61 million to $110.23 million while there was an 80.4 percent increase to 62.81 million from sportsbetting. Sales from sportsbetting from the third quarter showed a 68.2 percent rise on the prior-year quarter to $21.23 million but the German firm revealed that its results from this segment continued to be diminished appreciably by its development of a UK business along with the comparatively low betting margins over the third quarter.
Earnings before interest and tax (EBIT) improved from $5.15 million in the red for the first three quarters of 2007 to $977,564 in the hole for the nine months of 2008. Likewise, third-quarter EBIT improved from $2.41 million in the red last year to minus $294,921 in 2008. The consolidated result for the third quarter reached $577,128 in the red compared with minus $3.61 million for the third quarter of 2007 while this result improved from minus $5.79 million in 2007 to $1.58 million in the hole for this year.
“Jaxx AG will, in future, place even greater emphasis on the development of business activities beyond the sphere of the German lottery market,” read a statement from Jaxx.