Listed online retailer and e-commerce company, Jumbo Corporation (ASX: JUM), more than doubled net profit to $290,000 in the 12 months to June 30 2004.
Queensland-based Jumbo Corporation - which last month announced plans to establish the first Australian-based, online betting exchange - also announced a 180 per cent increase in revenue to $7.7 million for the latest 12 months, compared to $2.75 million the previous year.
"The Company's underlying performance is evident in Earning Before Income Tax Depreciation Amortisation (EBITDA), which rose 203 per cent to $400,033 in 2003-04," Jumbo Corporation Chief Executive Officer, Mr Mike Veverka, said.
"In the past year, Jumbo has achieved more sales and attracted more new customers than for the previous three years," he said.
"Jumbo is one of the few Internet companies that has consistently grown through the post-dotcom period and has become profitable."
"Our second successive year of record profit, and fifth straight year of record revenue has established Jumbo in the top bracket of Australia's leading online e-commerce and retailing companies."
In July, Jumbo announced it would launch "Betexsports.com" - Australia's first, nationally-based betting exchange.
The move is designed to drive the Company's growth via the emerging global online betting exchange industry, which is booming throughout Europe, including the United Kingdom.
Britain's betting exchange market leader currently takes bets totaling more than A$130 million per week, and at peak times receives up to 12,000 bets a minute.
"The past two years has seen a meteoric rise in the worldwide popularity of betting exchanges," Mr Veverka said.
"The online expertise accumulated by Jumbo over the past nine years puts the Company in an ideal position to develop a new betting exchange business in addition to our already profitable online retailing business," he said.
"In 1996, Jumbo was one of the first companies in the world to provide online coverage of sports events, allowing international sports fans the ability to watch live sports events via the Internet."
"Our plans to establish the first Australian-based betting exchange is a natural progression in the evolution of Jumbo."
FOR INTERVIEWS, AND FURTHER INFORMATION,
please contact:
Mike Veverka MANAGING DIRECTOR
PH: (07) 3831 3705
Fax: (07) 3831 9720
Email: [email protected]
Sean Whittington SENIOR CONSULTANT
Field Public Relations
PH: (08) 8234 9555
Mobile: (0412) 591 520
JUM
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