31/10/2002
Shares in the online gaming group tumbled almost 20% to 48p after it reported wider interim losses, and warned the costs of processing customer funds along with an adverse dollar to sterling currency movement this year, would adversely affect the second half. For the half to September, pre-tax losses widened from £1.63m to £3.79m, on greater sales of £494.5m (£293.2m). But all the group's key performance indicators were strong - customer numbers were up 194,119 to 752,706, and the number of bets placed leapt 185% to 8.9m. And chief executive Nigel Payne says Sportingbet is taking around 49,000 bets a day. The integration of US internet bookie Sportsbook is now complete and the integration of Sporting Odds, the former fixed-odds business of spread-betting firm Sporting Index, is progressing in line with management expectations. The basic loss per share was 2.4p (1.1p).
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