Sportingbet takeover talks continue

Sportingbet also said talks were also still going on over the possible sale of its Turkish language website business to GVC Holdings, a move seen as critical to clear the way for a Ladbrokes deal.

Chief executive Andy McIver said he was satisfied with progress in both sets of talks but declined to comment on the likelihood of either deal coming to fruition. Mr McIver emphasised the strength of the business were it to remain independent.

“If Ladbrokes decide not to buy us, the future for Sportingbet is very much the future we’ve had for the last couple of years, in that we’ve been putting our house in order,” Mr McIver said.

Mr McIver declined to comment on the likelihood of an alternative bidder emerging if the Ladbrokes talks break down. Analysts have identified Bwin.party and Betfair as possible alternative suitors.

Sportingbet said adjusted operating profit rose 8 per cent to £38.1m in the year through July, boosted by strong growth in Australia and emerging markets such as Brazil and South Africa. The average forecast had stood at £37.4m, according to Thomson Reuters data.

“The benefits of operating across a broad geographical base were demonstrated with strong growth in our emerging markets division, Australia and some European territories, offsetting the economic weakness in Greece and Spain,” Mr McIver said.