Sportingbet Q2 Financial Results Reveal Continuing Strong Growth

admin, March 3, 2010 10:22 am

British online gaming company and Paradise poker operator, Sportingbet Plc have announced its second- quarter financial results showing an 18% rise in Q2 profits from £8.6 million in 20009 to £9.8 million in 2010. 
Revenue from net gaming was up 22.3% to £52.6 million in Q2 compared to £43 million the year before, with the amounts wagered rising 26% to £502.3 million from £398.5 million in 2009. Following the release of the financial figures, Chief executive Andy McIver said:
“The second quarter is a busy time in the sporting calendar and consequently a material period in the Group’s financial year. As such it is very pleasing to report results in line with our full-year plan, particularly given the recessionary backdrop in many of our markets.” 
Sportingbet divides its operation into three major geographical regions of Europe, Australia and Emerging Market. Europe continues to be the company’s main driving force with net gaming revenue rising from £38.1 million in Q2 2009 to  £45.1 million in 2010. Net gaming revenues from Australia also grew from £4.1 million in Q2 in 2009 to £6.3 million in 2010, while emerging markets saw their revenue rise from £0.8 million to £1.2 million.
Overall, Sportingbet experienced a half year consecutive increase in profits from £13.9 million to £16.3 million and a clearly delighted Andrew McIver commented: “The Group continues to deliver industry leading sports margins, strong growth in Net Gaming Revenue and record numbers of active customers. In:play betting goes from strength to strength in Europe with our 24/7 in:play World Football microsite launched in the quarter. The Group has also concluded a number of major strategic IT projects which allow customers a significant uplift in the number of markets on which to bet and faster bet settlement. In our Australian business we have also had a very positive uptake of our new mobile offering.”
Sportingbet’s shares have had a rocky ride over the last 52 weeks, swinging from a low of 37.50 in March 2009 to a high of 78.25 in October. Shares in the company are currently trading at 62.75 on the LSE.

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