Sportingbet reports strong growth in European sports betting operations

The online sports betting and gaming group announced its financial results for the year ended 31 July 2007, during which turnover from continuing operations increased 13% to almost £1.1bn, with gross margin up 13.3% to £120.8m and operating profit up 76.2% to £7.4m. After a number of exceptional charges, including £14.2m for the migration of Paradise Poker onto the Boss Media network, £7.4m for the move of European operations to Dublin and the Channel Islands and £3.6m for the merger of the Sportingodds and Sportingbet brands, continuing Sportingbet operations reported a loss before tax of £26.8m.