SOURCE: Sharecast

(London, England) – A poor run of results, especially in the Champion's League, has prompted Leisure & Gaming to warn of a material trading loss in May for the online sports betting firm.

The group said overall turnover in May has grown in line with expectations, but adverse sporting results, including an Italian team [AC Milan] winning the Champions' League, have resulted in a gross loss of about €1.4m.

“Management regard this trading loss as an exceptional occurrence and remain confident in the underlying performance of the business as evidenced by the continuing strong growth in turnover,” the group added.

On the positive side, Leisure & Gaming’s main operating business Betshop saw turnover increase by 91 percent to €44.6m for the four months to 30 April. Underlying earnings rose by 31 percent at about €1.1m on net win up by 71 percent to €11.9m.

Last month, Leisure & Gaming soared after it reported trading ahead of forecasts, adding that it focuses on Italy as its U.S. business closed down following the U.S. government crackdown last year.