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RNS Number : 5253J
Sportingbet PLC
08 August 2012
Sportingbet Plc
('Sportingbet' or the 'Group')
Trading update
Sportingbet, a leading online sports betting and gaming group, is pleased to provide a trading update for the fourth quarter ended 31 July 2012.
The trends experienced during the previous nine months of the year have continued into the final quarter and the Directors expect the full-year results to be in-line with market forecasts.
Our Australian business continues to perform strongly with NGR (pre tax and bonus) up 93% year on year (up 24% on a like for like(1) basis). The integration of Sportingbet Australia with the recently acquired Centrebet was successfully completed during June, one month ahead of schedule. Additionally, the level of synergies realised is significantly ahead of our original expectations. The enlarged business is the clear market leader in Australian fixed odds online sports betting and currently represents a substantial majority of the Group's EBITDA.
In line with the sector, our European business has continued to face challenging economic conditions combined with the disruptive impact of newly regulating countries and associated taxation. Additionally, our largest European market, Spain, was closed for the first 35 days of the quarter until the licensed market launched on 5 June. As a result, European NGR declined by 41% year on year (like for like(1) down 18%). The restructuring of the European business following the disposal of the Turkish language website has been completed.
Sportingbet plans to announce its Q4 and preliminary results for the year ended 31 July 2012 on 3 October 2012.
Note (1): The like for like comparison adjusts for the acquisition of Centrebet in August 2011 and for the disposal of the Turkish language website in November 2011
For further information please contact:
Sportingbet Plc Tel: 020 7184 1800
Andrew McIver, Group Chief Executive
Jim Wilkinson, Group Finance Director
Maitland
George Hudson Tel: 020 7379 5151
Mob: 07595 270877
Daniel Yea Mob: 07595 270691
This information is provided by RNS
The company news service from the London Stock Exchange
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