Online Casino Operator Hit Hard By Champion's League
Leisure & Gaming face heavy losses after AC Milan’s victory
Friday 1st June 2007
Leisure & Gaming, and online gaming and betting firm that operates sites such as BetShop.com, has warned that it’s May figures may constitute a material trading loss.
The group announced that while overall turnover in May has increased in line with expectations, unfavourable sporting results, which include an Italian team triumphing in the Champions' League, have spurred a gross loss of approximately €1.4 million.
‘Management regard this trading loss as an exceptional occurrence and remain confident in the underlying performance of the business as evidenced by the continuing strong growth in turnover,’ the group added.
On a more positive note, Leisure & Gaming’s key business operation, Betshop saw turnover soar by 91 percent to €44.6 million for the four months to April 30 while underlying earnings increased by 31 percent to about €1.1m.
