Betshop Parent Leisure & Gaming sees shares suspended Friday morning
Leisure and Gaming PLC which operates the Betshop brand in Italy , Greece and Cyprus this morning asked for it’s shares to be suspended from trading on the London Stock Exchange due to uncertainty over the Company’s financial position .
The main operations of the Company are a network of around 580 "punti remoti" or corner outlets in Italy and the www.betshop.com website .
Leisure and Gaming has benefited over the last 12 months from the de-regulation of the gambling laws in Italy in particular the introduction of tournament poker .
2009 EBITDA increased to E2.5M from E1.5M in 2008 and L&G interim Chairman declared "In terms of financial performance , 2009 was a succesful year"
However figures for the first quarter of 2010 were very disappointing showing a net profit of E0.2M as the company blamed poor margins on football for the decline .
However it is unclear why the business should have working capital problems as the preliminary results for 2009 announced on 22nd April showed a net cash balance held at bank of E1.6M .
The announcement this morning confirmed that all businesses continue to trade and Directors are in talks to raise further funding for the business .
At close on Thursday the company was valued at £4.7M .