Ukbetting Post Disappointing Results

LONDON As reported by Reuters: " Ukbetting says it expects to deliver a 2004 profit as more Web users log onto its sports information and betting sites but a disappointing 2003 loss has pushed the shares lower.

"Ukbetting UKB.L on Tuesday posted a 2003 pre-tax loss of 5.7 million pounds (US$10 million) from an 8.8 million pound (SU$15.46 million) loss in 2002. Turnover rose 39 percent to 54.5 million pounds, driven by a 114 percent increase in revenues from sports content and 33 percent increase in betting revenues.

"…Brokerage Seymour Pierce said the results disappointed but the outlook was encouraging.

"…[Analyst Paul Leyland] maintained an 'outperform' rating on the stock.

"Ukbetting, whose sites include totalbet.com and teamTALK, said the new financial year had started well. Gaming turnover and margin was significantly up on the start of the previous year and revenue from sports content was up 91 percent.

"…The company has spent two years hoovering up online competitors and says it is now Europe's largest online provider of sports information with 6.3 million users in March…"