Leisure & Gaming narrows losses
Online gamer Leisure & Gaming narrowed losses for the year and said profitable growth continues in 2008 with trading in line with expectations.
The group also announced the appointment of finance director Richard Creed, who replaces Michael Baird.
Pre-tax losses narrowed for the year to €2m from €10.5m last year on revenue that was €109.1m versus €58.8m.
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The group said despite top line year-on-year revenue growth, Betshop's profitability was impacted by a series of losses resulting from adverse sports results in Italian and European football.
"Having made changes to the cost and operational structure of our business, we believe the business is in a stronger position than a year ago and are confident that the company will continue to deliver growth and profitability into 2008," said the group.
"With the end of the 2007/8 football season drawing to a close and with trading in line with management expectations, we can look forward Euro 2008 in June providing additional betting opportunities in what is normally a quiet month," it added.
