Thursday, Aug. 1, 2002 | 11:22 a.m.
LONDON -- Sportingbet Plc, a U.K. Internet sports betting company, said its first-quarter loss widened as its overhead increased and debt servicing costs arising from acquisitions rose.
The company posted a loss of 1.6 million pounds ($2.5 million), or 1 penny a share, in the three months ended June 30, compared with a loss of 999,000 pounds, or 0.7p, in the comparable period a year earlier. Sales, boosted by acquisitions, more than doubled to 248.1 million pounds.
"Sportingbet has made a solid start to the new financial year and the quarter is in line with the board's expectations," the company said in a Regulatory News Service statement.
The company bought U.S. online betting company SportsBook a year ago for $51.3 million. The transaction added 347,650 customers to an existing base of 98,772. The first-quarter is the company's least busy period, Sportingbat said.
Sportingbet shares yesterday fell 2p, or 2.4 percent, to 80p. They are 52 percent lower than they were 12-months ago.
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