Online punter Centrebet says it expects strong profit growth in fiscal 2010, after upgrading guidance for the current year.
Centrebet said on Tuesday it expected adjusted net profit in fiscal 2009 at the upper end of its earlier guidance of $10 million to $11 million.
As well, the gambler said it expected "strong profit growth'' in fiscal 2010 dirven by continued growth in market share in Australian online revenue.
Centrebet said a successful launch in May 2009 of fixed odds management contracts with the TAB and new cost controls also would boost 2010 profit.
Centrebet said its annual revenue rose by six per cent to $66.2 million, driven by growth in the Australian online betting market.
Australian online revenue jumped by 23 per cent to $32.9 million for the year.
Centrebet managing director Con Kafataris said the company had responded well to recent deregulation in the betting industry.
"While deregulation of the industry has presented some short term cost challenges, it has created an attractive outlook for Centrebet to continue to grow market share,'' he said in a statement.
"We expect the overall industry to show strong growth over the medium term and Centrebet is well positioned to maximise our share of that growth through customer focused product offerings, targeted marketing investment and disciplined risk and cost management.''
Centrebet said a successful launch in May 2009 of fixed odds management contracts with the TAB and new cost controls also would boost its 2009/10 profit.
It sees continued growth in its Australian online revenue above industry growth estimates.
"The TAB's fixed odds management contracts have commenced with a positive start,'' the company said.
This supported its estimate to deliver incremental earnings before interest, tax, depreciation and amortisation for 2009/10 in excess of $1.7 million and in excess of $1 million in net profit.
In 2007/08, Centrebet grew its bottom line net profit by 16.8 per cent to $13.01 million.
AAP
