needs real change to avoid break up

Industry analysts have warned that will really need to show some signs of momentum this year if it is to withstand any pressure to break the company up into its constituent parts.

The arrival of activist investor Spring Owl into Bwin’s shareholders last month saw speculation arise that the group would be better served by being split up and sold off, and this morning’s set of results hasn’t done much to quell those of that opinion.

Jane Anscombe, analyst at Edison Investment Research, said: “Bwin investors will be hoping that the company really has reached a turning point with European challenges weighting against nascent US opportunities. With activist US investor Spring Owl on board since February there have been suggestions that the group could be broken up if 2014 does not show real signs of change. It is trading below the peer average, reflecting its regulatory profile.”

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