International edition
October 01, 2020

For the year ended July 31, pretax profit was us$ 10. 9 million

Sportingbet profit falls on settlement cost

(UK).- Online gambling firm Sportingbet posted a 69 % fall in full-year pretax profit on one-off costs related to a settlement with the US Department of Justice and its move to the Official List, but said it started the new year well.

T

he company had agreed to forfeit us$ 33 million to settle a US investigation over alleged illegal Internet gambling. Net gaming revenue in the first two months of the new financial year was 17 % above the same period last year.

"Whilst the economic outlook remains challenging, our spread of activities across the different economic cycles of Europe, Australia and South America gives us confidence for a further year of success," the company said in a statement.

For the year ended July 31, pretax profit was us$ 10. 9 million, compared with us$ 35.3 million last year. Net gaming revenue grew 27 % to us$ 329.2 million. The company declared a final dividend of us$ 0.15 (1 pence), taking the total dividend for the year to us$ 2.3 (1.5 pence), up 50 % from last year.

The move from London's junior market AIM to the Official List and the trading of the company's shares on the main market of the London Stock Exchange was completed in May 2010.

Sportingbet shares, which have risen 30 % after the company on June 3 said it was hoping to agree a settlement with the US authorities before the end of the year, closed at us$ 1.25 this Tuesday.

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