28 March 2011 – final results

Results for 2010 have been released by the gaming company, along with a trading update for the first quarter of the current year. Net gaming revenue was €54.9m (2009: €52.1m) but profit before tax slipped from €14.0m to €4.1m. This meant that basic earnings per share fell from €0.432 to €0.111. However, a final dividend of €0.10 will be paid, making a total of €0.20 for the year, as expected.

The current year has started well, with record net gaming revenue of €172k per day. Betboo in Latin America and Emerging Markets has performed better than expected, which is promising. Further news on the dispute with Boss Media is expected on 29 April. We retain our BUY recommendation.