Good Momentum In Sportingbet's Q2
Published: Wednesday, March 12, 2008 Online-Casinos.com
GOOD MOMENTUM IN SPORTINGBET'S Q2
Strong growth in net gaming revenue across the group
The UK online gambling group Sportingbet plc has released a strong set of results for the second quarter ending 31 January 2008.
Financial Highlights include:
Amounts wagered up 29.5 percent to GBP 364.7 million (2007: GBP 281.6 million)
Group operating profit up 275 percent to GBP 7.5 million (2007: GBP 2.0 million) in the quarter - GBP 11.7 million year to date (2007: GBP 4.0 million)
Operating profit at 18.2 percent of net gaming revenue (2007: 5.8 percent) - up on stated target of 13 percent
Cash on the balance sheet, net of customer liabilities, of GBP 32.0 million (2007: GBP 35.5 million)
Statutory Group operating profit of GBP 3.6 million (2007: loss of GBP 100 000)
Business highlights included strong growth in net gaming revenue across the portfolio, with sportsbetting up 29.6 percent year on year, casino activities up 29.1 percent year on year, poker up 34.1 percent quarter on quarter. Growth was delivered through both incremental betting volumes (amounts wagered on sports in Europe up 35.3 percent year on year) and yields per player.
The significantly enhanced operating profit margins illustrated the effectiveness of the group's restructuring post-UIGEA, and the management team has been strengthened, with all key positions now filled.
