5 May 2011 – trading update
The online gaming company has released a trading update for the period from 1 January 2011 to 3 May 2011 to coincide with its AGM. Total Net Gaming Revenue has averaged €168k per day, up 10% on the same period last year. Perhaps most importantly Betboo, the Latin American and Emerging Markets brand, has seen its daily Net Gaming Revenue increase by 138%.
The overall Group sports gross margin achieved over the period was 14.8% (2010: 10.9%). The company has said that it remains cautiously optimistic for the remainder of 2011. We see no reason to change our BUY rating.