Sunday, November 28, 2010

Centrebet appoints new MD - 25th November 2010

Wagering and gaming firm Centrebet Ltd has promoted Michael McRitchie to managing director.

Mr McRitchie, who is currently deputy managing director, will commence in his new role in January, Centrebet chairman Graham Kelly told shareholders during the company's annual general meeting in Sydney on Thursday.

Centrebet unveiled a five-year plan earlier this month that aimed to double the company's market share of Australian corporate bookmaking from the current 10 per cent.

Dr Kelly said Mr McRitchie, who has been deputy managing director since December 2008, was a key contributor to the new strategic plan.

"Michael is extremely well qualified to lead the business through its next phase of growth," Dr Kelly said in prepared remarks.

Con Kafataris will remain as executive director, reporting to the board, for a transition period of between six and 12 months before becoming a non-executive director, Dr Kelly said.

Dr Kelly said current trading conditions were strong, with the growth in the Australian market driving gains in total underlying revenues.

He said that based on the continued strength of the Australian trading performance, local earnings would form a greater proportion of earnings in fiscal 2011, compared with the prior year.

In fiscal 2010, Australian standalone underlying earnings before interest, tax, depreciation and amortisation (EBITDA) made up 80 per cent of total underlying EBITDA, he said.

Centrebet closed up one cent at $1.475. (Credit: Wires, AAP, Google News)



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