Star Sold for $1.7 Million - Profit Upgrade
Nov 4, 2010
ASX RELEASE – Thursday, 4 November 2010
STAR SYSTEM SOLUTIONS – A NON-CORE ASSET - SOLD FOR $1.7 MILLION
- INCREASES FOCUS ON SUCCESSFUL INTERNET LOTTERY BUSINESS
- PROFIT UPGRADED FOR DECEMBER HALF YEAR TO $2.5 TO $2.7 MILLION
HY Dec 2010 | HY Dec 2009 | % Change | |
Estimated Revenue | $40 - $42 million | $36 million | 11% - 16% increase |
Estimated NPAT | $2.5 - $2.7 million | $1.15 million | 117% - 135% increase |
Lottery sales has grown from strength to strength rising from $25 million in 2008 to $42 million in 2009 and $66 million in 2010. This is driven by continuous website improvements in addition to various marketing initiatives that have opened up new Internet markets for lotteries. OzLotteries.com plays an important role in the Australian lottery industry with over $15 million in additional State Government revenue raised from sales in 2010. As well as continuing its growth in Australia, the Company is actively pursuing opportunities overseas, in particular the AUD$60 billion US market and the AUD$110 billion UK and European markets. For further information: Mike Veverka CEO and Executive Director Ph: 07 3831 3705