Paddy Power Hit by Racing Results
Paddy Power (PAP) said recently that it expects a EUR 4 million budget shortfall in its first-half results for this year.
In a trading statement, the company said its gross margin has been depressed due to the number of favorites winning at Cheltenham and the outcome of the Grand National.
"As there has been no fundamental change in the underlying trading or risk profiles, the board expects average gross margins to come within their normal range for the year as a whole, albeit at the lower end of that range," the company stated.
TradingSports to Trade on AIM
TradingSports recently said it's interested in becoming listed on London's Alternative Investment Market. The company, which specializes in person-to-person betting technology, said it would like to raise between £3 million and £4 million for expansion purposes.
Joe Tighe, the company's founder, owns about 60 percent of the company along with the rest of the board of directors. Tighe said the company would be valued at between £12 million and £14 million on the AIM.
Tighe said Trading Sports is well placed to attract investors.
"We're in an expanding sector and we're attacking an exploding segment of that sector," he said.
Reports
Youbet.com Inc. (UBET) is announcing record fourth-quarter revenue of $9.1 million as well as its first quarter of positive operating cash flow since the company was formed. Charles F. Champion, the company's president and CEO, said the state is set for the company to pursue future growth.
Youbet.com Inc. (UBET) - Fourth Quarter Report
MGM Mirage (MGG) is reporting adjusted earnings per share of 40 cents in the first quarter of 2003. That compares to adjusted EPS of 52 cents per share in the same period last year. Terry Lanni, the company's chairman and CEO, said MGM Mirage performed as expected given the economy and world events.
MGM Mirage (MGG) - First Quarter Report
Austrian company BETandWIN.com (BWIN) is reporting fourth quarter turnover of EUR 67 million compared to EUR 24 million last year. Turnover for financial year 2002 was increase by almost EUR 166 million.
BETandWIN.com Interactive Entertainment AG (BWIN) - Fourth Quarter Report