Sportingbet revenues up 27%, net profit down 69%

The UK internet gambling group Sportingbet released its annual financial numbers this week for the year ended July 31, reporting a 27% increase in revenues, but a slide in net profit of 69%. Nevertheless, the report boosted share prices by over 3%.

Financial stats published by the group showed that net profit fell 69% to £3.9 million despite revenue rising by 27% to £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% to £1.97 billion, and adjusted operating profit rose 14% to £35.4 million.

"The new financial year has started well with net gaming revenue for the first two months up 17% 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."

Source: InfoPowa News