8th of October 2010 Author: Glo Wood
27 percent boost to revenues, but net profit plunges 69 percent
The UK internet gambling group Sportingbet.com released its annual financial numbers this week for the year ended July 31, reporting a 27 percent increase in revenues, but a slide in net profit of 69 percent.
Nevertheless, the report boosted share prices by over 3 percent.
Financial stats published by the group showed that net profit fell 69 percent to GBP 3.9 million despite revenue rising by 27 percent to GBP 207.5 million. Management attributed the fall in profit to a jump in one-off costs, including a settlement with the U.S. Department of Justice on pre-UIGEA activities in the United States .
The company said the amount wagered on its web sites rose 25 percent to GBP 1.97 billion, and adjusted operating profit rose 14 percent to GBP 35.4 million.
"The new financial year has started well with net gaming revenue for the first two months up 17 percent on the same period last year,' said CEO Andrew McIver. 'Whilst the economic outlook remains challenging, our spread of activities across the different economic cycles of Europe, Australia and South America gives us confidence for a year of further success."
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