WinnerOnline-Editorial

Online gambling company Sportingbet Plc released its audited financial results for the fiscal year ended July 31, 2008 and there are some promising signs.

Amongst the *highlights:

-Net gaming revenue growth of 23 percent to £147.0m

-Operating profit more than trebled to £22.7m

-Restructuring completed resulting in improved operating profit margin of 15.4 percent (2007 restated: 4.1 percent)

-Sports betting net gaming revenue growth of 45 percent driven by increased product range and strong performance in Europe and Australia

-Strategic review of marketing partners completed with Spanish and Bulgarian marketing brought in-house

-Solid start to new financial year; revenue growth in excess of 30 percent in first two months

-Net cash of £28.6m

The results coupled with the return for the first two months of the new financial year had Sportingbet CEO Andrew McIver feeling optimistic.

"The new financial year has started well with net gaming revenue growth in excess of 30 percent in the first two months," McIver said.

* highlights and figures taken from sportingbetplc.com