Neville Porter, the on-course bookmaker, betting call centre and internet betting portal announced losses of £268,756 in its unaudited interim results for the half-year ended 31st December 2007 and said future trading periods look challenging.
Neville Porter, Chief Executive, reported: ‘Admission to AIM in February 2007 increased the profile of the business and gave us the opportunity to acquire pitches in Ireland and set up a call centre and internet operation in County Durham. Conditions since then have been difficult, and although we have achieved improved turnover levels, we have faced severe pressure on margins and this has resulted in losses before tax of £268,756.’
In a bid to reduce costs, call centre staffing levels were cut in January and the company reverted to a policy of accepting bets only on horse racing, football and greyhound racing. Even so, the company concedes it is difficult to see any short-term improvement ahead.
At a recent meeting shareholders approved the sale of the company’s on-course betting pitches to managing director Neville Porter. Porter will acquire the UK betting pitches for £350,000 on a leaseback basis. The company has also been given an £80,000 loan from another director – a loan secured against its Irish bookmaking pitches.
The market and commentators reacted negatively to the results. The company’s stock immediately fell by 0.05 to 0.35 – an all time low. Sharecast report there’s nothing good to say about the firm’s prospect and that it’s difficult to see the firm in the winners enclosure anytime soon. The Independent newspaper flag the company as a ‘sell’.
Calculators
