20-11-2007 Centrebet places high priority on strategic acquisitions

"The company is placing significant importance on acquisitive as well as organic growth. Centrebet recently appointed an adviser for the purpose of assessing acquisition opportunities and is actively exploring acquisition targets," Chief Executive Con Kafataris told shareholders at the company's annual general meeting.

Centrebet also announced its full year results for 2007, which saw wagering revenue increase by 17% to $47.1m on a total turnover of $776.7m, up 4.4% over the previous year. The wagering win rate also increased from 5.4% to 6.1%, slightly ahead of the projected long term win rate of 6.0%, driven by improved marketing, favourable results and improvements in wagering risk management.

2008 started with wagering turnover in line with expectations, despite the Australian equine influenza, and a wagering gross margin of 5.3%, below the company's long term win rate of 6%. Chairman Graham Kelly said he remains confident of achieving FY08 earnings guidance of between $13.0m to $13.6m as the company expects a higher proportion of earnings in the second half compared to the first half.