BLUE CHIP RESULTS FROM BLUE SQUARE

31 August 2007

Rank subsidiary grows revenues despite tough competition


British online gambling firm Blue Square.com delivered an impressive 41 percent rise in revenues despite harder competition in the European market, parent group Rank reported this week.

The popular online betting firm saw revenues rise 41percent to GBP 26 million in the six months to June. Operating profit rose a healthy 77 percent to GBP 5.5 milion (GBP 3 million achieved over the same period in 2006)

Solid growth was noted in Blue Square which saw gross win rise to GBP17 million (GBP 10 million in 2006). Sportsbook performance rose to GBP 9 million for the six months to June this year (GBP 8.4 million in 2006).

Throughout the group, Rank reported revenues have grown to GBP 285 million (2006: GBP 277 million). Adjusted pre-tax profit rose to GBP 37 million (2006: GBP 22 million). Land operations at Mecca Bingo and Grosvenor casino also showed more positive operating profits.

Blue Square has been investing in more intensive UK marketing activity in the first half of 2007. Over the half year the company has signed sponsorship deals across a variety of sports including darts, greyhounds, horse racing and football, including a full day of racing sponsorship at the recent Goodwood horse racing festival and a title and broadcast deal with Blue Square Premier football.

In a deal with Virgin, Blue Square agreed to provide Virgin's 3 million customers with a managed suite of betting and gaming products, launching the service earlier this (August) month. Also apparently still under discussion is a white label sportsbook deal for 888.com (see previous InfoPowa reports).

Online Casino News courtesy of InfoPowa