Things Looking Up For Leisure & Gaming
Published: Tuesday, January 15, 2008 Online-Casinos.com
THINGS LOOKING UP FOR L&G
Late run on the inside boosts performance
The UK online and land gambling group Leisure and Gaming plc has seen a marked rise in trading through Q4 following a period of losses in the previous six months, investors were relieved to hear this week.
The company, which currently has a market capitalisation of GBP 5.94 million, said it expects to report a gross profit of about GBP 3.2 million for the full year, with gross profit in the fourth quarter forecast to come in at GBP 1.8 million compared to a mere GBP 300 000 in the equivalent period in 2006.
Giving the update, CEO Henry Birch said: "We are delighted that, after a disappointing 2007, we ended the year on a high note with very positive trading in the fourth quarter. Having completed an initial restructuring of our operations and cost base, we feel that we are in a good position to capitalise on the growth in the Italian market [where the company is especially active] and are optimistic for the year ahead."
The strategic restructuring, which was launched last November, included strengthening the company's risk management team, restructuring franchisee commissions, removing underperforming franchisees from its Betshop network and the opening of a new operations centre in Italy.
