Sportingbet Issues Brief Trading Update

SPORTINGBET ISSUES BRIEF TRADING UPDATE

10th August, 2011 at 03:02:05
Source: http://www.azonlinecasinos.com

Management highlights the benefits of geographic diversity

The UK-listed online gambling group Sportingbet plc issued a trading update Wednesday, reporting that it intends to announce its Q4 (three months ended 31 July 2011) and preliminary results on 5 October 2011.

"As expected, the trends experienced during the previous nine months of the year have continued into the final quarter," Management reports.

"Challenging economic conditions in some of our European markets have resulted in an increased focus on cost control. Our Australian and Emerging Markets businesses continue to demonstrate the benefits of the Group's geographic diversity with resilient performances throughout the year.

"The company's proposed acquisition of Centrebet [in Australia] is expected to complete at the end of August 2011, with Centrebet shareholders due to vote on the acquisition on 17 August. The acquisition is in line with the company's strategy of increasing the proportion of its business derived from regulated markets.

"The Group continues to monitor regulatory developments closely and expects to take advantage as markets move towards implementing regulation.

"The Directors remain confident of the outcome for the financial year just ended."

There was no mention in the update of the talks reportedly ongoing between Sportingbet and Ladbrokes plc (see previous reports).

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