Neville Porter find it can't always bet on success

Published on Thursday 27 December 2007 20:10

NEVILLE Porter, the on-course bookmaker, ran up a big loss in its first results since joining the Alternative Investment Market (AIM), as big winners and write-offs on the carrying value of its UK pitches took their toll.

Losses in the seven months to June came in at 913,000 on sales of 6.67 million. Operating losses were 265,000, put down to punters placing some "considerable successful bets". The development of a new call-centre business with a partial impact of adverse trading conditions also hit profits.

In addition, Neville Porter wrote off 60 per cent of the value of its on-course bookmaking pitches, at a cost of 552,000, following parliamentary moves to allow racecourse owners to charge bookmakers to attend race days and to withdraw the current pitch system from 2012. The 40 per cent residual value will be written off in equal instalments over the next four years, though Porter says it hopes a solution will reached to restore the value of its pitches.

There is no dividend for the group's shareholders.

Chairman David Soley confirmed that the company's annual general meeting would be held next month.