Online gambling firm Sportingbet PLC has said that it is trading well, reaching market expectations after the U.S ban on internet gambling had led the company to restructure its business.
In an AGM statement, Sportingbet remain optimistic for the future, stating that the company’s European and Australian divisions and non-US Paradise operations are performing well.
“Following the recent restructuring of the company, we are establishing a platform from which to build momentum,” said senior independent director Sean O'Connor.
“We are focussed on driving this business forward, and we look to the future with confidence.”
Sportingbet, who sold their U.S facing business of for one dollar to Antigua-based Jazette enterprises Ltd. after the internet gambling ban was introduced, took a massive one-off hit of £252.4 million. In November, they posted a pre-tax loss of £241 million for the three months prior to October 31st.
Sportingbet have recovered well after the arrest of its former chairman Peter Dicks back in September and its exit from the U.S market, which accounted for approximately two thirds of their profits. Shares in the company rose by 1.3 percent to 39 pence on the London Stock Exchange.
Editor, Jackpot.co.uk - 2006-12-15 11:52:10