Online gaming provider has reported a half-year loss of £51,000 despite an encouraging performance from its European Wagering Services subsidiary.
Monday 22nd February 2010
Isle Of Man-based online gaming provider Webis Holdings has released its preliminary financial results for its half-year to the end of November showing a 21 percent year-on-year decline in turnover to £56.4 million.
Although turnover for the firm’s European Wagering Services subsidiary increased by 22 percent year-on-year to £18.4 million, business from its BetInternet.com online casino and sportsbook declined by 33 percent compared with the same six-month period in 2008 to £37.9 million.
Webis also revealed that its gross profits fell 14 percent year-on-year to £1.46 million while its gross margin increased by 0.21 percent to 2.59 percent.
This saw a decrease in earnings before interest, tax, depreciation and amortisation to £87,000 from the £381,000 it made for the same period one year ago, which led the firm to report an operating loss for the period of £51,000 from a profit in 2008 of £256,000.
“It has been a difficult start to this financial year, particularly relative to the progress made in the previous year,” said Denham Eke, Chairman for Webis.
“European Wagering Services has continued its recent good performance with a 22 percent increase in turnover for the period as a result of the successful recruitment of additional players through the Link2Bet.com website.
“Casino revenue within BetInternet.com's sportsbook, however, has seen business levels reduce compared with last year as some of the 'high-roller' activity seen previously fell away in the period.
“Despite the challenging and competitive trading environment for both businesses, we continue to seek ways of further enhancing our customers' experience in particular through the harnessing of appropriate technologies to our product offering. The board's overall view of the group's prospects remains positive.”
