CENTREBET BEATS THE FORECAST

(371) (31-August-2006)

Remarkable turnround by Aussie betting group, and expansive plans for the future

Australian online gambling group Centrebet International Limited has turned a loss of $2 million in 2004-2005 into a net profit for the year of $2.798 million in its latest financial results.

The company, which debuted on the Australian Stock Exchange in July posted an annual result ahead of its own forecasts and reported a good start to the year.

"The group has a great platform to not only deliver our forecasts for 2007 but deliver year-on-year growth that will reward our shareholders," said chairman Graham Kelly . "We have had a great start for 2007 and I am looking forward to delivering on the initiatives we have commenced and converting some of the other opportunities we are pursuing."

Centrebet said adjusted revenue of $47.1 million was $700 000 above the prospectus forecast. Total revenue rose 9 percent to $46.6 million, while earnings before interest, tax, depreciation and amortisation (EBITDA) was 13.4 percent higher at $10 million.

Adjusted actual EBITDA of $11.5 million was 4.6 percent above the gaming company's prospectus forecasts.

Managing director Con Kafataris said he was pleased with the results, adding that the company's strategy of cross-selling gaming products to existing clients, expansion plans into Spain, white labelling, mobile phone betting and the affiliate program would deliver strong revenue growth in the year ahead.