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DATE: May 24 2012
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Poker.co.uk - Poker News Archive

Friday 1st May 2009

Profits Rise 33 Percent For Leisure And Gaming

London-based online betting and gaming operator Leisure And Gaming has released its unaudited results for the first quarter of the year showing a 33 percent rise in gross profits to €2.8 million. Leisure And Gaming also announced a proposed reduction of its share premium account that would allow it to pay dividends to shareholders in due course or buy back the its shares in the future. From January 1 to March 31, Leisure And Gaming reported that its amounts wagered grew 36 percent to €42.1 million from €30.9 million for the same period last year while its net win increased 38 percent year-on-year to €8.7 million from €6.3 million. In addition, the firm’s net win margin increased slightly to 20.6 percent from 20.3 percent for the same period in 2008 while overheads declined by €100,000 to one million Euro. Net profits before interest and tax grew by €800,000 year-on-year to reach €1.8 million for the three-month period while its cash balance stands at three million Euro. 'This has been an excellent quarter with favourable results in sporting events giving a net win margin of 31.4 percent and growth in all performance indicators,” said Richard Creed, Chief Executive Officer for Leisure And Gaming. “The partner networks in Italy and Cyprus have remained constant as the out-of-season summer months effectively serve as the transfer window. However, there has been steady growth in our online activities in Greece. “Poker has continued to produce stable revenues with modest growth in numbers of players. In the quarter, this activity generated €1.7 million in gross rake and €400,000 in net rake. “During the second quarter, we will be mounting advertising campaigns based on the Palermo sponsorship deal aimed at recruiting further partners and customers as well enhancing the Italian poker offering to encourage players to continue playing through the summer.”

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Source: OnlineCasinoNews

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