Sportingbet sees profits rise by a third

first_img KCS-content Share Sportingbet sees profits rise by a third Wednesday 24 November 2010 7:33 pm Online gaming firm Sportingbet saw its first quarter profits soar by almost a third as it exceeded expectations in its European business.Pre-tax profit rose 31 per cent to £8.5m, compared with £6.5m last year. Net gaming revenue grew five per cent to £51.1m.Sportingbet, which has customers across Europe, Australia, Canada, South America and South Africa, said trading since the start of the second quarter remained robust with margins in line with their historic average.Michael Campbell, analyst with Daniel Stewart, said he believes the firm is undervalued by at least 20p a share excluding M&A activity. With expected deals coming up he set a target price of 130p, more than double the shares’ current 61p.He said: “The business continues to deliver improved results despite ongoing grey regulatory issues across Europe.”Last week, the company said its Swedish rival Unibet withdrew from merger talks, but Sportingbet remained in discussions with several other parties over potential deals. Last week the company also announced a five-year joint venture with Russia’s First International Bookmakers, which trades under the Liga Stavok brand, to establish an online sports betting service in the country. Chief executive Andrew McIver said: “Entry into new geographic markets, such as our recently announced Russian joint venture, demonstrate the additional opportunities that are available to the group.”Sportingbet shares have lost nearly a quarter of their value since the chief executive last month said the company was not up for sale. whatsappcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”Wanderoam Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Tags: NULLlast_img

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