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Betting firm announces €1.7m losses

Horse racing

By Ian Guider
ONLINE bookmaker Sports Spread made a €1.7 million loss last year, after taking a gamble to enter the British betting market.

Accounts just filed for the company, which is backed by former Irish football international Kevin Moran, entered the British market last year by offering spread betting on sporting and financial events.

Excluding the loss made on the new venture to the British market, Sports Spread made a profit on both its fixed odds and spread betting operations.

"Overall, the directors are satisfied with the performance of the group in the year and expect that it will become profitable in the next financial year," the company said.

"In the period since the financial year end of March 2005, the company completed a fundraising exercise to fund its market entry into the UK. The company successfully raised €1.3m by way of additional loan stock and a further €2.5m by way of ... bank debt."

Turnover from the company's fixed-odds betting business dropped to €6.3m last year from €8.1m in 2004. The company made a profit of €290,025 from traditional betting, down almost €45,000.

Total turnover from the company's spread betting business increased from €62.2m to over €70m, generating net income of €2.15m, a rise of €350,000.

The company absorbed the betting duty, costing €85,998 in 2005.

The company retained €1.6m in cash at year end and had debtors of €3.7m. The latter figure includes a profit of €1.1m from bets not yet settled.

The company was set up five years ago by currency trader Conor Foley. Directors include Mr Moran.

It also emerged that Ray Curran, the former Smurfit executive who joined Sports Spread in 2004, resigned as a director last year. The company employs 26 people.

 

Betting firm announces €1.7m losses

Horse racing

By Ian Guider
ONLINE bookmaker Sports Spread made a €1.7 million loss last year, after taking a gamble to enter the British betting market.

Accounts just filed for the company, which is backed by former Irish football international Kevin Moran, entered the British market last year by offering spread betting on sporting and financial events.

Excluding the loss made on the new venture to the British market, Sports Spread made a profit on both its fixed odds and spread betting operations.

"Overall, the directors are satisfied with the performance of the group in the year and expect that it will become profitable in the next financial year," the company said.

"In the period since the financial year end of March 2005, the company completed a fundraising exercise to fund its market entry into the UK. The company successfully raised €1.3m by way of additional loan stock and a further €2.5m by way of ... bank debt."

Turnover from the company's fixed-odds betting business dropped to €6.3m last year from €8.1m in 2004. The company made a profit of €290,025 from traditional betting, down almost €45,000.

Total turnover from the company's spread betting business increased from €62.2m to over €70m, generating net income of €2.15m, a rise of €350,000.

The company absorbed the betting duty, costing €85,998 in 2005.

The company retained €1.6m in cash at year end and had debtors of €3.7m. The latter figure includes a profit of €1.1m from bets not yet settled.

The company was set up five years ago by currency trader Conor Foley. Directors include Mr Moran.

It also emerged that Ray Curran, the former Smurfit executive who joined Sports Spread in 2004, resigned as a director last year. The company employs 26 people.

 

Betting firm announces €1.7m losses

Horse racing

By Ian Guider
ONLINE bookmaker Sports Spread made a €1.7 million loss last year, after taking a gamble to enter the British betting market.

Accounts just filed for the company, which is backed by former Irish football international Kevin Moran, entered the British market last year by offering spread betting on sporting and financial events.

Excluding the loss made on the new venture to the British market, Sports Spread made a profit on both its fixed odds and spread betting operations.

"Overall, the directors are satisfied with the performance of the group in the year and expect that it will become profitable in the next financial year," the company said.

"In the period since the financial year end of March 2005, the company completed a fundraising exercise to fund its market entry into the UK. The company successfully raised €1.3m by way of additional loan stock and a further €2.5m by way of ... bank debt."

Turnover from the company's fixed-odds betting business dropped to €6.3m last year from €8.1m in 2004. The company made a profit of €290,025 from traditional betting, down almost €45,000.

Total turnover from the company's spread betting business increased from €62.2m to over €70m, generating net income of €2.15m, a rise of €350,000.

The company absorbed the betting duty, costing €85,998 in 2005.

The company retained €1.6m in cash at year end and had debtors of €3.7m. The latter figure includes a profit of €1.1m from bets not yet settled.

The company was set up five years ago by currency trader Conor Foley. Directors include Mr Moran.

It also emerged that Ray Curran, the former Smurfit executive who joined Sports Spread in 2004, resigned as a director last year. The company employs 26 people.

 

Betting firm announces €1.7m losses

Horse racing

By Ian Guider
ONLINE bookmaker Sports Spread made a €1.7 million loss last year, after taking a gamble to enter the British betting market.

Accounts just filed for the company, which is backed by former Irish football international Kevin Moran, entered the British market last year by offering spread betting on sporting and financial events.

Excluding the loss made on the new venture to the British market, Sports Spread made a profit on both its fixed odds and spread betting operations.

"Overall, the directors are satisfied with the performance of the group in the year and expect that it will become profitable in the next financial year," the company said.

"In the period since the financial year end of March 2005, the company completed a fundraising exercise to fund its market entry into the UK. The company successfully raised €1.3m by way of additional loan stock and a further €2.5m by way of ... bank debt."

Turnover from the company's fixed-odds betting business dropped to €6.3m last year from €8.1m in 2004. The company made a profit of €290,025 from traditional betting, down almost €45,000.

Total turnover from the company's spread betting business increased from €62.2m to over €70m, generating net income of €2.15m, a rise of €350,000.

The company absorbed the betting duty, costing €85,998 in 2005.

The company retained €1.6m in cash at year end and had debtors of €3.7m. The latter figure includes a profit of €1.1m from bets not yet settled.

The company was set up five years ago by currency trader Conor Foley. Directors include Mr Moran.

It also emerged that Ray Curran, the former Smurfit executive who joined Sports Spread in 2004, resigned as a director last year. The company employs 26 people.