More Ladbrokes Stakebuilding
Two millionaires have reportedly jointly purchased a near 3 percent stake in Ladbrokes just one week after a Bahamas-based investor acquired a near 7 percent stake in the bookmaker.
Irish investors John Magnier and J.P. McManus are said to have purchased the stake on Friday, which would have been valued at £56 million, according to that day's closing share price.
Just over a week ago, billionaire Joe Lewis purchased a large stake in the company worth a reported £300 million. Lewis is rumored to be an associate of Magnier and McManus, according to the Irish Independent. A spokeswoman for Magnier and McManus declined comment to the paper. Click here for the full story.
Pleasing results for Tipp24
Hamburg-based lottery specialist Tipp24 has "exceeded its own forecasts" for FY 2007 with consolidated net profits of 6.3 million euros. Full-yearly revenue was up 30 percent to 45 million euros, attributable in part to a 32.4 percent jump in registered customers against figures from the previous-year period.
Redbet up
Sweden-based operator Redbet Holding AB revealed a 276 percent jump in full-yearly revenue to SEK 70.95 million, with profits of SEK 0.43 million compared to losses of SEK 10.60 million in 2006.
Genting down
Genting International posted a full-yearly net loss of $271.5 million versus a net profit of $40.5 million in 2006. IGN reported in early January that Genting was preparing to enter the I-gaming space via licenses in Alderney and/or the United Kingdom.
Down all round
In its annual results, William Hill said that with regard to its interactive business, gross win fell by £10.7 million to £119.8 million with operating profits down by £10.6 million to 50.9 million on 2006 -- due in large part to the failure of its in-house technology program, NextGen, to develop a competitive in-running betting platform. Click here to view the full story.
Harrah's loses on LCI purchase
Harrah's Entertainment has posted Q4 2007 losses of $47.8 million -- largely the result of a $169.6 million pre-tax write off of certain intangible assets, including the London Clubs International purchase. Click here to view the full story.
Entraction release
Entraction has revealed full-yearly net losses of SEK 33.2 million coupled with a 12.5 percent jump in revenue to SEK 234.6 million across 2007.
"Healthy" results for Ladbrokes
In its annual results, Ladbrokes revealed that full-yearly net revenues for its online gaming, sports book and casino offerings grew by 7 percent, 14.7 percent and 5.1 percent to £143.5 million, £52.2 million and £43.1 million, respectively.
Following Thursday's results, analyst Simon Champion of Deutsche Bank maintains his buy recommendation on the bookie's shares. In a research note published today, Champion calls the group's underlying results "healthy," and suggests that its plans to invest more heavily in I-gaming marketing could contribute between £80 million and £90 million of EBIT in 2010.
Today, Ladbrokes revealed that its chairman, Ian Robinson has purchased 15,537 shares at 299 pence a share, lifting his stake to 50,000 shares.
Acquisition boosted profits for Tatts
Tatts Group Ltd. -- formerly Tattersall's -- said first-half profits rose 24 percent on the acquisition of lottery operator Golden Casket and wagering group Unitab.
Comfortable news for Bingo.com
Bingo.com said it is "comfortably on its way to returning to profitability," having reduced losses from $395,787 in Q3 to $173,262 in Q4.