Germany’s JAXX said Monday that it expects to report a 19 per cent increase in revenues to €60.7m for the 2011 year following strong growth during the fourth quarter from the company’s myBet subsidiary.
In its provisional unaudited figures for the year ended December 31st, JAXX said that it expects consolidated earnings before interest and taxes to amount to €1.6m during the period, following a 19 per cent rise in revenues to €60.7m.
No other financial data was revealed, with the company expecting to publish its 2011 Annual Report on March 30th.
The company stated however that the sale of its lottery operation had been delayed by several weeks, claiming that the task of demerging the companies and assets, as well as drawing up the agreements, was taking up more time than originally envisaged.
Based on its negotiations, JAXX expects the sale of the business to as yet unnamed investors to yield proceeds of €12.5m.
JAXX confirmed that the company and its myBet subsidiary submitted applications for sports betting and casino licences in the German state of Schleswig-Holstein before the deadline of March 1st.
“Although the authorities have not yet given a precise date for the awarding of the licence, JAXX expects it to be granted in the course of April, so that business operations can then start,” the company said in a statement yesterday.
myBet has already secured a licence from Italian regulator AAMS which will allow the company to launch online sports betting, casino and poker products via myBet.it in the next few weeks. The company is still awaiting official approval from Spanish regulators however, and does not expect to launch operations during the second quarter, as previously anticipated.
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