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Casino Overcomes First Hurdle January 9, 2003

One of the online gaming company reckons its first set of annual results since last year's flotation will meet market expectations. The group says profits should hit the middle of forecasts predicting underlying earnings of between £136 and £145 million for 2002.

That compares to a figure of £105 million the year before meaning that, prior to one-off costs, earnings would be up by between 30% and 38%. The group did experience poor horseracing returns in the third quarter as milder weather led to several unexpected results.

But chief executive says: "Despite poor horseracing results in the third quarter, a return to more normal results in the fourth quarter coupled with further product diversification has enabled us to deliver broadly in line with expectations."

The London-based companies, which floated on the London Stock Exchange in June 2002, has almost 1,600 betting shops across the UK. It will release its preliminary results in March. Shares are up 1.5p at 229.5p.

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