Sportingbet’s Q1 Solid Results

12/18/09 – The solid results in Sportingbet's Q1 have continued, and trading across the business is in line with management expectations, investors were informed this week by chairman Peter Dicks, who told the agm that the company remains confident of achieving a satisfactory outcome for the current financial year.
The Q1 results announced on 25 November showed growth of 26 percent in net gaming revenue year-on-year and a 56 percent increase in the group's core European sports betting revenues.
Dicks said that sports betting now accounted for 69 percent of revenue and was expected to be the key driver of growth for the rest of the year.
"The achievements of the past financial year have demonstrated the success of the restructuring of the group during 2007 and 2008," the chairman reported to investors. "The group's operational bases are now well bedded down and are performing strongly.
"In addition, the group continues to invest in its personnel, in its infrastructure and particularly in its IT capabilities. This investment is leading to a greater range of products being offered to our customers which is driving further growth in turnover.
"To support these initiatives further investment is continuing to be made in the group's sales and marketing resource."