* Sells loss-making Italian ops to local management team
* Sees 7.1 mln stg charge from sale of unit
* Sale to reduce co's cash balance by 1.6 mln stg
* Says positive momentum in Q4 continues
(Adds details)
July 22 (Reuters) - British online gaming company Sportingbet Plc said on Wednesday it was confident of achieving full-year forecasts and that it expected a 7.1 million pounds ($11.7 million) charge from the sale of its loss-making Italian operations.
The positive start to the fourth quarter, as reported in June, has continued through this seasonally quieter period with good growth in gross gaming revenue and margins being maintained, the company said in a statement.
Sportingbet said it sold its Italian unit to the local management team for a nominal consideration, but did not give details of the deal.
The sale of Sportingbet Italia, which has been making losses since 2006 when it was acquired, will reduce the company's cash balance by 1.6 million pounds, it said.
The company said with the sale of the unit, it could better invest in other areas of the group's portfolio.
The company's financial years ends on July 31.
Sportingbet shares closed at 55 pence on Tuesday on the London Stock Exchange.
($1=.6095 Pound)
(Reporting by Shivani Singh in Bangalore; Editing by Gopakumar Warrier) Keywords: SPORTINGBET/ (shivani.singh@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: shivani.singh.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Sees 7.1 mln stg charge from sale of unit
* Sale to reduce co's cash balance by 1.6 mln stg
* Says positive momentum in Q4 continues
(Adds details)
July 22 (Reuters) - British online gaming company Sportingbet Plc said on Wednesday it was confident of achieving full-year forecasts and that it expected a 7.1 million pounds ($11.7 million) charge from the sale of its loss-making Italian operations.
The positive start to the fourth quarter, as reported in June, has continued through this seasonally quieter period with good growth in gross gaming revenue and margins being maintained, the company said in a statement.
Sportingbet said it sold its Italian unit to the local management team for a nominal consideration, but did not give details of the deal.
The sale of Sportingbet Italia, which has been making losses since 2006 when it was acquired, will reduce the company's cash balance by 1.6 million pounds, it said.
The company said with the sale of the unit, it could better invest in other areas of the group's portfolio.
The company's financial years ends on July 31.
Sportingbet shares closed at 55 pence on Tuesday on the London Stock Exchange.
($1=.6095 Pound)
(Reporting by Shivani Singh in Bangalore; Editing by Gopakumar Warrier) Keywords: SPORTINGBET/ (shivani.singh@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: shivani.singh.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
