October 03, 2012

Sportingbet Slips to Loss in FY on One-Time Charges

London-based Sportingbet Plc, an online sports betting and gaming company, on Friday fell steeply into loss for the full year in contrast to a profit last year. The outcome reflected one-time items like Spanish tax settlements, property, plant impairment costs and costs pertaining to its Turkey market exit, among others.

For the full year, the company reported a pre-tax loss of 45.4 million pounds compared with a profit of 20.7 million pounds last year, while revealing a total loss of 52.3 million pounds from a profit of 21 million pounds in 2011. The company witnessed a sharp rise in charges pertaining to exceptional items that rose to 71.6 million pounds from 10.8 million pounds last year.

On a per share basis, the company reported a loss of 6.8 pence in 2012 compared with profit of 3.9 pence in 2011. However, on an adjusted basis, the company reported a profit of 5.3 pence per share in 2012.

Total revenue for the year also declined to 195.9 million pounds from 206.3 million pounds last year, with net gaming revenue slumping to 185.7 million pounds from 204 million pounds in the prior year.

Further, the company said its Board had proposed a final dividend of 1.1 pence, totaling a full year figure of 1.7 pence. The dividend may be paid on January 17, 2013 to ordinary shareholders on the record as of December 21, 2012.

"We are confident that the increased advertising opportunities, improved payment processing and stable business platform provided by our regulated market presence will drive profitable growth in the medium term. Whilst the economic outlook remains challenging, our robust position across a variety of attractive territories gives us confidence in the outlook for the current financial year," stated Andrew McIver, Group, Chief Executive.

The shares are currently trading at 51.45 pence, down 1.55 pence or 2.92 percent on the London Stock Exchange.

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