BUSINESS

Sportingbet announces impressive Q1 results

TAGs: results, Sportingbet

sportingbet-impressive-resultsTo describe Sportingbet’s last month as topsy-turvy might be the understatement of the year. Already this month someone babbled to the press about the proposed merger with Unibet meaning the Swedish company ran home to mother crying. This came at about the same time they were announcing a tie-up with a Russian company, before the Siberian winter really kicks in.

Today marks the release of their Q1 results for the current fiscal financial year and they’ve certainly improved on the last set of figures that were put into the public domain. Net gaming revenue was up 5.1% on Q1 2009 from £48.6m to £51.1m, with the group’s operating profit also up from £6.3m in 2009 to £7.5m this year, an increase of an impressive 19%.

Andrew McIver, Group Chief Executive, commented: ‘’Sportingbet continues to capture the growth opportunity in our industry which is ultimately being driven by ever increasing broadband penetration, continuing customer confidence in transacting over the internet and a greater customer awareness of the exciting opportunities presented by online sports betting.

“These compelling fundamentals underpin the long term growth potential of the business. Moreover, entry into new geographic markets, such as our recently announced Russian joint venture, demonstrate the additional opportunities that are available to the Group.’’

Sportingbet also used the release to commend the recent launch of their mobile phone product, which already accounts for 7% of active customers in the European market. They hope that the increased uptake of smart phones, rumoured to reach around 50% of the core European markets, will contribute to even more success in this sector for the group.

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