SportsSpread Considers UK Float
Irish spread betting company SportsSpread has received approval from Britain's Financial Services Authority to begin trading in the British market. The company would like to raise €3.5 million through a float and then begin offering betting products through a subsidiary called Worldspreads Limited. Founded four years ago, SportsSpread offers sports betting in addition to spread betting on sports and financial markets.
Reports Released
The 2004 financial figures for Hilton Group Plc (HG.L) show record numbers in several areas for the company's bookmaking subsidiary, Ladbrokes. The company recorded all-time highs in both gross win, which rose 16.1 percent last year to £877.1 million, and operating profit, which rose 27.7 percent to £273.4 million. The results should verify that Ladbrokes is the largest bookmaker by profit, assuming that William Hill Plc (WMH.L) announces 2004 profits of around £232 million today as expected. Profit from telephone betting at Ladbrokes increased by over 90 percent last year to £17.8 million, while profit from e-gaming rose by 50 percent to £21.13 million.
Hilton Group Plc - Annual Report
Fiscal 2004 was a record year for Paddy Power Plc (PAP.L), which reported pre-tax profits of €32.1 million, an increase of 58 percent compared to 2003. Turnover for the year rose by 28 percent to reach €1.17 billion, with €240 million coming from online betting (an increase of 30 percent compared to 2003) and €236 million coming from telephone betting (an increase of 33 percent compared to 2003). The company will pay a final dividend of 12.52c per share.
Paddy Power Plc - Annual Report
Sportingbet Plc (SBT.L), arguably the largest online betting company in the world, has reported an 85.7 percent increase in operating profit to €26 million for the six-month period ended Jan. 31, 2005. The company received €825.2 million in turnover during the period, an increase of 29.5 percent compared to the same period last year, and translated it into a 43.9 percent increase in gross margin, which reached €80.3 million. Reporting data from recently acquired Paradise Poker for the first time, Sportingbet revealed that its new poker division contributed €12.5 million to overall turnover and €8 million to operating profit.
Sportingbet Plc - Interim Report