Restructuring hits figures at Leisure & Gaming
16 April 2008
Exceptional sports results and a smaller estate of shops frustrated hopes of year-on-year improvements in the first quarter for Leisure & Gaming.
The betting and gaming group said trading for the three months to 31 March 2008 had been in line with expectations and had continued the profitable growth experienced during the fourth quarter of 2007.
However, its net win was €6.5 million (£5.2 million) compared with €8.7 million in the same period of 2007. In turn, group profit fell to €2.1 million from €2.5 million a year earlier.
Leisure & Gaming noted that it had restructured its Italian operations in an effort to cut costs and boost margins. In the rest of Europe, the it has continued to focus on growing its operations in Greece, Cyprus and Romania.
Chief executive Henry Birch, said: “Having restructured the operations of the company, we are confident that we can deliver sustainable profitability going forward.”
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