SOURCE: Press Release

Sportingbet Plc announce their results for the second quarter ending 31 January 2008.

Financial Highlights

- Amounts wagered up 29.5 percent to £364.7m (2007: £281.6m)
- Group operating profit* up 275 percent to £7.5m (2007: £2.0m) in the quarter - £11.7m year to date (2007: £4.0m)
- Operating profit* at 18.2 percent of net gaming revenue (2007: 5.8 percent) versus stated target of 13 percent
- Cash on the balance sheet, net of customer liabilities, of £32.0m (2007: £35.5m)
- Statutory Group operating profit of £3.6m (2007: loss of £0.1m)
- Diluted earnings per share* of 1.4p (2007: 0.5p)

(* stated before charging exceptional items, fair value restatements and amortisation)

Business Highlights

Strong growth in net gaming revenue across the portfolio:

- Sports up 29.6 percent year on year
- Casino up 29.1 percent year on year
- Poker up 34.1 percent quarter on quarter
- Growth delivered through both incremental betting volumes (amounts wagered on sports in Europe up 35.3 percent year on year) and yields per player
- Restructuring benefits demonstrated by significantly enhanced operating profit margins
- Acquisition of Bulgarian marketing partner for an initial consideration of £4.0m and deferred consideration of up to £7.2m
- Management team strengthened – all key positions now filled

Full RNS & Financials