The parent company of VIP Sports said in its Pre-Close Statement that sports margins have improved on last year, although they were adversely affected by a run of favourites winning in the NFL in late November and early December, before returning to normal levels at the end of 2005.
Over the same period, new customer sign-ups have been strong across the group with customer acquisition costs and retention in line with management expectations. The casino business saw a a particular growth in activity and revenues.
The company expects adjusted profit before tax to be $7.1 million on a pro forma full year basis, including a contribution from the recently acquired Nine.com and English Harbour, for which early stages of the integration process are proceeding according to plan.
“We are delighted with the development of the group over the last six months with four acquisitions being successfully completed and the integration of these businesses proceeding according to plan. \’A record numbers of wagers were placed in 2005, new customers signed up reached a new high and there was more web site activity than ever. I am pleased with the progress the group is making and am optimistic about the outlook for 2006. All of L&G\’s acquisitions are delivering encouraging performances and trading in the early days of 2006 has been particularly strong,” commented Alistair Assheton, Chief Executive of Leisure & Gaming.
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