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NEV Neville Porter

0.10
0.00 (0.00%)
07 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Neville Porter LSE:NEV London Ordinary Share GB00B1KKFP62 ORD 0.0444P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.10 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Trading Statement

18/06/2007 4:56pm

UK Regulatory


    Neville Porter plc (the "Company")

          Trading Update - Internet and Telephone Betting Services

The  board of Neville Porter plc is today providing an update on the performance
of  its  telephone  and  internet sports betting  services  which  became  fully
operational on 9 April 2007.

In  line  with  the strategy announced at the time of its flotation  on  AIM  in
February,  the  Company  has  broadened its areas of operations  from  on-course
betting to telephone and internet sports betting.  Both operations are being run
from  its  head office in Birtley, County Durham, where new customer demand  has
been  so  high  that the Company is in negotiations to expand into an  adjoining
unit.   Since  launching the website (www.npbet.co.uk),  the  Company  has  been
successful  in  attracting  new  customers and currently  has  a  total  of  672
registered  accounts.  This equates to approximately 67  new  registrations  per
week.

The  Company has been able to attract new customers through offering competitive
odds  rather than free bets or significant spending on advertising.  As a result
of this strategy, the total transaction volume has exceeded market expectations,
with  approximately £2 million worth of bets being taken through its  off-course
(telephone and internet) operations during May.

This strategy has effectively been `a loss leader' in order to quickly attract a
sufficient  size of customer base from which a sustainable level of income  will
result  in  the long term.  As a result the Company is currently  trading  at  a
modest  loss  and is unlikely to make the anticipated level of profits  for  the
seven  month  period  ending 30 June 2007.  Since the  beginning  of  June,  the
Company has taken a number of actions in order to improve gross win margins  and
hence profitability which are starting to bear fruit.

Although  it  is still early to judge the full effect of management actions  and
the  nature of the industry is where punters have good and bad weeks, the  board
believes  that this strategy will ultimately be proven successful and  the  long
term prospects of the Company will prove stronger and more profitable.

18 June 2007.

Contact details:

Neville Porter plc
Neville Porter
Managing Director                                        08000 223388

SVS Securities plc
Richard Morrison
Ian Callaway
Peter Manfield                                           020 7638 5600

ARM Corporate Finance Ltd
Nick Harriss                                             020 7512 0191



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