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Sportingbet Posts First Quarter Financials

Online gambling group Sportingbet plc has released its first quarter financial results.

Commenting on his company's financials, Sportingbet Chief Executive Andrew McIver said, "With total revenue in the first quarter up 17% to £59.9 million, Sportingbet is in robust health due to our geographically diversified business model and quality sportsbook offer."

"With the acquisition of Centrebet in Australia and the disposal of our Turkish language website, we are making good progress towards our goal of deriving the majority of our revenues from regulated territories. The early signs from our enlarged Australian business are very encouraging and we look forward to making further progress there during the coming year."

"While trading in the Eurozone territories remains subdued, we welcome regulation in this key market and the greater certainty it brings to our revenues."

" The Group has made a solid start to its second quarter with trading in line with our expectations.''

First quarter financial highlights included:

  • Amounts wagered up 35% to £693.7 million (Q1,2010: £513.9 million)

  • Total revenue up 17% to £59.9 million (Q1,2010: £51.1 million)

  • EBITDA £10.2 million (Q1,2010:£11.3 million) a decline mainly due to £4.3 million in new taxes in Greece and Spain

  • Net Cash £30.8 million (Q1,2010: £22.4 million.)

Operational highlights at group level featured:

  • The completion of the Centrebet acquisition in Australia at the end of August

  • The successful disposal last month of the legally troublesome Turkish online operations

  • 40% of NGR now flowing from regulated foreign territories, and a further 18% from territories where the group is paying tax ahead of expected regulation

Australian highlights were:

  • Total amounts wagered are up 95%

  • Total NGR is up 165% (58% on a like-for-like basis)

  • Centrebet has contributed £2.4 million to profit before tax for the quarter

  • Integration is progressing well and operational synergies are at least in line with previously stated targets

European highlights were:

  • Amounts wagered down 4.8% - Spain up 1%, Greece down 11% in a financially troubled market

  • Before new betting taxes, NGR down 3.4%

  • Spanish and Greek betting taxes of £4.3 million in the quarter

  • In:play betting operations doing well and at an industry leading margin of 10.1% (2010: 9.7%)

  • Mobile penetration continued with a 108% increase in actives year on year

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