BUSINESS

In Brief: IG Group revenues up; Sportingbet and Centrebet getting closer; Pwin shares slide again

TAGs: bwinparty, Centrebet, IG Group, Sportingbet

stocks upLondon-based spread betting firm IG Group has continued its stellar 2011 with an impressive trading update. After the year to May, we saw them post record profits the company saw a sales boost for the quarter to 31 August thanks to “recent market volatility.” It means they expect revenues to tip over £94million for the quarter. That compares favourably to last year’s figure that was only £79m. Shares in the firm were also up almost 5% to 412.60p at the time this article went to press. Now isn’t that a lovely spread!

Sportingbet’s long-running attempts to takeover Centrebet are almost complete with the Aussie Federal Court giving the deal their stamp of approval. Centrebet’s shareholders approved the transaction last week and the Federal Court was one of the final hurdles for the marriage that is likely to be consummated on 31st August – location not yet known. Shares in Centrebet will be officially delisted from the Australian Securities Exchange on or shortly after the 31st August. By that point the polygamists at Sportingbet should be able to crack on with a deal that will see themselves and Ladbrokes enter holy matrimony.

Bwin.party (Pwin) is continuing to count its chickens as far as the stock exchange is concerned as their shares plunged again earlier today. Shares in the firm dipped lower than 99p earlier today before they recovered going into the afternoon to be at 100.80p when this article went to press. A combination of the recent market woes and a delay in the German online gaming industry legislation has meant that they’ve been crashing more than most. It’s hard to believe that their shares were worth almost 300p earlier this year

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