The dramatic financial news concerns the three months ending October 31, 2007. Profits have risen to £4.2 million, about $10 million, with strong growth in sports betting division. Its gaming revenue has increased by 27% and it has also reported an increase horse racing betting volumes in Australia.
Last month, Sportingbet appointed Lida to its £20m pan-European direct marketing account. The agency has been briefed to work on strategic planning and brand positioning as the company continues to restructure and launch more gaming products in Europe
The company said that financial and operational information for the prior period is stated excluding the U.S. business that was sold in October 2006, and that this is the first period under which Sportingbet has adopted International Financial Reporting Standards (“IFRS”) as the basis to report its financial results, as opposed to U.K. Generally Accepted Accounting Principles (GAAP).
The financial highlights were as follows, according to the company:
• Group operating profit* up 110% to £4.2 million;
• Operating profit* 13.8% of net gaming revenue;
• Cash on the balance sheet, net of customer liabilities, of £25.6 million, or about $50 million;
• Statutory Group loss of £1.7 million, or about $3 million;
• Pre-exceptional profit before tax of £1.5 million, or about $3 million;
• Diluted earnings per share* of 0.8 pence -- or about 15 cents.
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According to CEO Andrew McIver, the strong performance in the first quarter "has given us a very solid start to the financial year. With much of the restructuring now behind us, our focus can now be on better recruitment and retention of customers, on being a first class retailer of gaming services and on offering a true Internet based experience."
The business highlights during the quarter were as follows, according to McIver.
• Continued strong growth in European sports betting – gaming revenue up 27%;
• Benefits of cost restructuring coming through in enhanced operating margins;
• Operational reorganization now substantially complete;
• Australian betting volumes up despite Equine Influenza;
• Channel Islands office now fully operational and performing well.
Sales and earnings are going well during this quarter as well. "The second quarter has started well, with good margins and volumes across the Group. With the platform for growth in place, the Board looks to the future with confidence," said McIver.
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