ANOTHER GOOD QUARTER FOR L&G
16 October 2009
EBITDA goes positive, and wagered amounts
double
The Leisure and Gaming plc offline and online gambling
group has posted another positive quarter, heartening
investors after some difficult times.
The
company announced this week that amounts wagered had
more than doubled to Euro 27 million (2008 Q3: Euro 13.3
million), and that EBITDA had at last turned positive at
Euro 100 000.
Sportsbetting was the star when it
came to a breakdown of quarter 3 contributions, bringing
in wagers worth Euro 16.4 million (Q3 2008: Euro 12.7
million) - a 29 percent improvement that generated a net
win up 8 percent at Euro 2.8 million. The company
experienced the same problems as other bookie firms -
lower sports margins as a result of a string of
favourites winning.
The news was less pleasing on
the casino products, where amounts wagered plunged over
30 percent to Euro 3.8 million, generating anet win of
only Euro 200 000, or half that of the comparable
quarter in 2008. The company also reported a slide in
amounts wagered on lotteries and skill games, which came
in at Euro 500 000 (Q3 2008: Euro 600 000) with net win
at Euro 100 000, again half that of the preceding year's
third quarter.
Poker delivered a positive
performance, providing Euro 10.3 million worth of
business from which the overall net win went up 44
percent to Euro 4.6 million.
Chief executive
officer Richard Creed commented that the third quarter
was traditionally a quiet period in the industry, but
that the company had in any case improved on last year's
performance as it diversified in both geographic effort
and products. He said that business volumes had been
excellent, with active customer numbers at a record
high.
“The fourth quarter is the busiest of the
year and we start the season with an expanded number of
partners. Poker activity through July and August, which
is a quiet business period, was encouraging with volumes
remaining high, providing a reliable contribution to
profits. This trend has continued in September,” Creed
observed, anticipating a brisk fourth quarter.
Online Casino News Courtesy of
Infopowa
More news here.
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