Leisure and Gaming Plc Post Positive Q3 ResultsOctober 17, 2009 7:42 am
Leisure and Gaming plc, the company which owns and operates online and land-based gambling games and sports betting under the name of “Betshop,” said Q3 trading was in line with management expectations after showing positive gains, with gross profit up to €1.0m from €0.9m and an EBITDA of €0.1m compared with €0.0m in 2008.
The Q3 amounts wagered with the company registered at €27m compared to €13.3m in the same period in 2008 with sportsbetting contributing €16.4m of that figure compared to €12.7 million in Q3 2008 or a 29% increase.Casino business did not fare quite so well with wagers falling 30% to €3.8 million, while lotteries and skill games suffered a similar fate with wagers down to €500,000 from €600,000 in Q3 2008.
Poker results were positive showing a 44% increase in net win of €4.6 million to €10.3 million. Leisure and Gaming CEO Richard Creed, commented on the Q3 figures: “Results for the traditionally quiet third quarter showed good growth from last year with continued diversification both in terms of geography and products.”
He continued, “Poker activity continued through the summer months, with only a small dip in August. Sports margins were lower than expected because of the success of favourites in the first few weeks of the season; however, business volumes have been excellent, with active customer numbers at a record high.”
Going forward until the end of the year Creed remained optimistic and upbeat and said: “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.”
Following the positive Q3 results, shares in the company rose from 3.3% to 10.85 pence.