First quarter 2013 figures for online gaming firm Sportingbet show a 35 per cent fall in year-on-year revenues as the company cites “challenging trading conditions”
Total revenues for the three months to October 31 2012 were down to £38.8m from £59.9m for the same period in 2011.
Commenting on the results, chief executive Andrew McIver said: “After challenging trading conditions during the first quarter, I am pleased to report that November has seen a return to normal trading levels, with a particularly strong Australian sports margin.
“We experienced a relatively low overall sports margin in August and September due to results being affected by the outcome of relatively few sporting events.
“Although the sports margin returned to more normal levels in October, compared to the prior year, the business saw a drop in volume due to October 2012 being a four-weekend month (October 2011 was a five-weekend month) and due to the scheduling of sports events, such as the Australian Derby Day, which fell in November this year.”
Despite the low sports margins in the first three months of the quarter, which McIver characterised as an “initial period of relatively volatile trading,” Sportingbet is confident that full-year results will meet “current expectations."
Sportingbet remains the subject of a potential joint takeover from rivals William Hill and GVC Holdings.
