L&G RAISES MORE CASH

18 July 2008

Half year results meet expectations


Land and online gambling firm Leisure & Gaming revealed this week that trading for the first half 2008 has been in line with market expectations and continues the profitable growth of the company.

The company reported that it has raised GBP 553 000 via a share placing of 9.22 million new shares at 6p, proceeds from which will be used to obtain an Italian online licence and to make further improvements to the group's operating platform.

The betting and gaming group said that for the six months to June 30th it saw a gross profit of Euros 3.4 million versus 1.2 million for the same period last year with an estimated EBIT of Euro 1.2 million compared with a Euro 1.4 million loss last year. Net win of Euros 12.8 million was down compared to the Euros 13.9 million for the equivalent period in 2007.

"We will continue to make operational improvements over the quieter summer months and look forward to the start of the football season and a strong fourth quarter, which historically yields the highest trading volumes,' CEO, Henry Birch, said in a statement.

The company added it expects to have its full estate of Italian shops operating under new Bersani licences open by the start of the football season and anticipates being able to offer online poker throughout its retail network and to Italian online customers before the end of the year.

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