Jumbo Interactive upgrades 1H forecast

Jumbo Interactive upgrades 1H forecast

Internet lottery company Jumbo Interactive (ASX:JIN) has revealed it expects to report a better-than-anticipated profit of up to $3.3 million for 1H11.

The company has raised its guidance for the quarter to between $3.1 million and $3.3 million, compared to its previous guidance range of $2.5 million to $2.7 million.

Jumbo Interactive, which runs the website, said the raised forecast is down to higher than expected trading volumes and lower than planned for tax.

The boost in trading was attributed to system upgrades to the website, combined with the introduction of new internet marketing channels.

Jumbo Interactive's loss-making software distribution unit was put into voluntary administration last month, as part of a strategic refocus to the profitable internet lottery business.

This refocusing also resulted in the sale of subsidiary Star System Solutions in November for $1.7 million.

The company said it plans to update shareholders with any potential impact of the divestitures on full-year performance “at the appropriate time.”

JMB shares stayed flat on Thursday at $0.145.

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Tags Jumbo InteractiveforecastOzLotteriesASX:JIN

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