Centrebet International Ltd
(ASX:CIL) has unveiled plans to double its market share to 20 per cent of the Australian corporate bookmaking market by fiscal 2015.
However, as a result of the new initiatives, the wagering company says the current fiscal 2011 net profit is likely to be lower.
Full year net profit is forecast for $8 million which compares with $16 million under a business-as-usual scenario.
Given the timing of the investment, Centrebet says a significant proportion of the current financial year’s net profit is now expected to be generated in the second half.
Adding that net profit is expected to exceed status quo by fiscal 2013 and be around 50 per cent higher in fiscal 2015.
Chairman Graham Kelly says Centrebet intends to pay dividends in fiscal 2011 and throughout the plan.
In the 2010 financial year Centrebet recorded a net profit of $14.57 million for the year ended on 30 June.
