Friday August 24,2012 : STANLEYBET INTERNATIONAL RETURNS TO PROFIT
Pre-tax profit of GBP 10 million a big improvement on previous year's GBP 822,000 loss
Stanleybet Holdings has returned to profit, reporting that its full-year 2011 pre-tax profit reached GBP 10 million – a significant improvement over 2010's loss of GBP 822,000.
The improvement was achieved despite turnover declining to GBP 385 million (2010: GBP 430 million).
Chief executive David Purvis was upbeat about transformation and internet gaming, noting that the company's launch of online gaming services across Europe could drive turnover upwards from next year.
He revealed that the company has been working for about 12 months preparing for e-gaming.
The group has faced legal battles across Europe as individual states look to protect local monopolies. It is still pursuing a Euro 1.5 billion compensation claim against the Italian government.
“Despite the current financial year (2011) being relatively non-eventful with respect to sporting activities and further economic uncertainty across Europe, year-on- year performance for the group improved significantly after better trading results and a reduction in exceptional administrative expenses helped to deliver a group profit," Management reported.
“The improvement in trading results was driven by development of the customer offer which not only reduced our market risk but also led to a wider appeal to our customer base through product choice and innovation.
"Trading conditions are expected to remain challenging.”