London-based online betting and gaming operator Leisure and Gaming has released a trading update for the third quarter showing gross profits of $1.2 million, which was up from $67,000 for the same period last year.
In addition, the firm revealed an operating break-even position that was $937,849 better than the comparable period last year, which was in line with management expectations.
Leisure and Gaming announced that the amount wagered for the period came in at $17.8 million, a drop from last year’s $25.4 million, while net win amounted to $4.2 million, also down on the $6.1 million achieved for the third quarter of 2007. However, the firm revealed that these figures were in line with its expectations following a proactive rationalisation of its betting estate made in the third quarter last year.
The firm’s net win margin held at 24.1 percent while gross profits percentage rose to 6.8 percent from last year’s 2.6 percent. Leisure and Gaming reduced overheads by 25 percent to $1.2 million to break even overall after announcing a loss of $937,813 for the same period in 2007.
“The group has now recorded four quarters of profitable recovery, indicating that our business has turned the corner following its extensive restructuring in September of 2007,” said Richard Creed, Chief Executive Officer for Leisure and Gaming.
“In particular, the $937,849 improvement in operating profit for the quarter as compared to last year demonstrates the benefit of the restructuring of the partner network, which continues to deliver higher returns.
“Partner and customer numbers continue to grow, which coupled with our strengthened platform and continued geographic diversification, places the group in a good position to take advantage of what is traditionally our busiest time of year.”