Betshop.com parent company’s trading update for the first quarter of 2008 was in line with management expectations even though it revealed falls in both net win and gross profit compared to the same period last year. Net win was down 25% to €6.5 million, while gross profit fell 16% to €2.1 million.
In the trading update, the company said its 2007 results benefited from exceptional sports results and were based on a larger estate of shops. At the end of 2007, Leisure & Gaming restructured the operations of its main subsidiary Betshop Italia implementing a new commission structure for its franchisees, while reducing its operating retail network to approximately 470 outlets.
In the rest of Europe, the betting operator continued its expansion Cyprus and Romania and announced an agreement with a Greek marketing partner on a revenue-sharing basis.
Chief Executive Henry Birch said: ‘We are pleased that the positive trading from the fourth quarter of 2007 has continued and that the company is on track to meet its expectations. Having restructured the operations of the company, we are confident that we can deliver sustainable profitability going forward.’
Calculators
