11-12-2007 Solid start to the financial year for Sportingbet

The online sports betting and gaming group reported a net gaming revenue (previously disclosed as gross profit) of £30.4m and a group operating profit of £4.2m for the three months ended 31 October 2007, the first quarter of the company's financial year. The strong performance was driven by the European sports betting websites, where amounts wagered were up to £169.6m from £147.5m in 2006, with a 8.8% profit margin, compared to 8.5% in 2006, and over 197,000 active customers, up 7% on 2006.

CEO Andrew McIver commented: "I am delighted with the Group's strong performance in the first quarter, which has given us a very solid start to the financial year. With much of the restructuring now behind us, our focus can now be on better recruitment and retention of customers, on being a first class retailer of gaming services andon offering a true internet based experience. The second quarter has started well, with good margins and volumes across the Group. With the platform for growth in place, the Board looks to the future with confidence."