BUSINESS

Sportingbet releases end of year results

TAGs: end of year results, Sportingbet

graphA relatively uninteresting summer for Sportingbet, which they put down to a lack of adequate sunbed preparation in the months prior, has given way to quite a month for the online sports book. First we learn that they were the latest public trading company to pay off the US Department of Justice thanks to those crazy pre-UIGEA years when they felt like it was a never ending Spring Break, and the news that they were getting out of France without so much as a baguette and some garlic to show for it, further giving the opinion that they’re keeping their cards well and truly close to their burgeoning chest line.

Their results, released this morning, show the true extent of this payment as net profit for the fiscal year ending July 31st dropped by a massive 69% to £3.9million, however, revenue for the same period rose by 27% to £207.5million to give that grey cloud a light grayish lining.

Though CEO Andrew McIver seemed to have given the same grey cloud a nice brand-spanking new silver lining, and said: “The new financial year has started well with net gaming revenue for the first two months up 17% on the same period last year. 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.”

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