L&G REVENUES DOWN
18 April 2008
Restructuring impacts business
London listed Leisure & Gaming plc has released current
results, revealing that its first-quarter gross profit
declined to Euro 2.1 million euros from Euro 2.5 million
a year ago, but adding that trading in the period was in
line with expectations.
In a trading statement, the betting and gaming group
said results were below the comparative period in 2007,
which benefited from exceptional sports results and was
based on a larger estate of shops.
"Having restructured the operations of the company, we
are confident that we can deliver sustainable
profitability going forward," Chief Executive Henry
Birch said. "Furthermore, we believe that as and when
the Italian regulator allows for gaming products such as
casino, poker and bingo, this profitability will
substantially increase."
The betting group announced a drop in net win revenues
of Euro 6.5 million for the first quarter of 2008
compared with Euro 8.7 million for the equivalent period
in 2007.
Extensive restructuring has involved LNG’s main
subsidiary Betshop Italia, and the removal of
underperforming outlets from the Betshop network and a
new operations centre in Italy. The company remains
focused on growing its operations in Greece, Cyprus and
Romania and has signed an agreement with a local
marketing partner to promote Betshop.com in Greece.
Birch said: "Having restructured the operations of the
company, we are confident that we can deliver
sustainable profitability going forward."
Online Casino News courtesy of
InfoPowa
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