Bad News From Online Gaming Group L&G
Published: Monday, September 25, 2006 Online-Casinos.com
BAD NEWS FROM ONLINE GAMING GROUP L&G
Eight percent decline in first-half profit, and a pessimistic view on second-half sports betting.
London listed online gambling group Leisure and Gaming had disappointing news for shareholders as the week started, announcing an eight percent decline in first-half profit, and the warning that second-half sports betting was weaker than expected.
The group has several high profile online gambling subsidiaries such as English Harbour, Nine.com and the VIP group.
"The first half is traditionally the slower half of the year and it is disappointing, however, that our performance as we enter the main sportsbook trading season has been weaker than our expectations," said Chief Executive Alistair Assheton.
Profit before tax was $6.8 million (3.6 million pounds) in the six months to June 30, compared to a pro forma result of $7.4 million (3.9 million pounds) in the same period last year.
"While I remain confident in the prospects for the group, the board is taking a prudent view that we may not meet external expectations in this financial year," added Assheton.
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