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.
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Advertisement"The board remains confident about the groups 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 Sinsationals 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.
Betcorps 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.
2005-08-12
