L&G QUARTERLY ENCOURAGING
1 June 2007
But May 2007 has a hit in store for the company
UK listed betting company Leisure and Gaming plc took
the opportunity of its agm this week to provide a
trading update on its main operational division Betshop
Group (Europe) Limited. Whilst showing a generally
positive first quarter, the update nevertheless noted
"substantial adverse sporting results, including an
Italian team winning the Champions’ League", has
resulted in a material trading loss for the month of May
2007, estimated at approximately Euro 1.4 million at the
gross profit level.
For the four months to 30 April 2007 Betshop recorded
EBIT of approximately Euro 1.1 million (a 31 percent
increase on the equivalent period in 2006), from
turnover of approximately Euro 44.6 million (a 91
percent increase on the equivalent period in 2006) and
approximate net win of Euro 11.9 million (a 71 percent
increase on the equivalent period in 2006).
Turnover continued to grow in May in line with
management expectations, subject to the caveat
concerning the adverse sporting results already referred
to. Management regard this trading loss as an
exceptional occurrence and remain confident in the
underlying performance of the business as evidenced by
the continuing strong growth in turnover and the
business development opportunities that are underway.
These include new product launches across Betshop's
Italian network of over 1100 franchised retail outlets
and the expansion of the business into Romania where the
company holds a betting license.
Online Casino News courtesy of
InfoPowa
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