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UK
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29 August 2005
Betcorp Considers Listing On UK
Market
Internet
gaming firm Betcorp
is considering a listing on the London
Stock Exchange
after booking a half-year net profit of $2.4
million.
The result for the first
half of 2005 compared to loss of a $2.7 million ($US2.0
million) in the prior corresponding period.
Betcorp said the result
was comfortably ahead of internal forecasts and reflected a
re-positioning strategy undertaken over the past
year.
Betcorp said that in
recent months, the London Stock Exchange had become the
leading market for online gaming companies, which had
attracted substantial institutional investment.
"In planning the future
expansion of Betcorp, the board is considering whether it is
in the shareholders' interests for the company to access
that market by a dual listing or other means," the company
said.
Betcorp said the group had
made "substantial positive progress" in the first half of
2005 and trading in the first eight weeks of the second half
had continued in line with forecast.
"The board remains
confident about the group's prospects for the full year,"
Betcorp said.
Betcorp said Antigua-based
online sports betting and casino operator Sinsational
Intertainment Inc, acquired in February 2005, had been
successfully integrated and had paid immediate dividends,
particularly in the casino and poker area.
The sports books of both
businesses hade been amalgamated, and the whole group was
benefiting from Sinsational's automatic price update
software.
Betcorp said the
Sinsational acquisition had been a catalyst for major change
and improvement in the business as staffing was reduced and
offices relocated.
The greater purchasing
power of the enlarged group had also produced savings which
would boost operating results in the second half.
Betcorp said that in the
first half it had improved the gross margin earned in its
sports book activity where it had previously lagged behind
competitors.
Betcorp's revenue for the
half year to July 3, 2005, lifted 37 per cent to $US12.6
million.
The company did not
declare an interim dividend.
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