Company achieves stabilisation and healthy profits
Monday 9th August 2004
World Gaming plc, the UK-based Internet-gaming software and e-business services group, has reported robust financial results for the three and six months ended June 30, 2004. The company said that wagering system-wide was up by an extraordinary 85% from the same quarter last year, and as a result, net profit for the quarter stood at $1,684,000 against a loss of $236,000 last year. The release of a multi-player poker platform to a major licensee was listed as a highlight of the year.
The company has worked hard to stabilise itself since start-up was pleased to announce that operating expenses decreased 22% to $2,283,000 during the first quarter. The primary contributors to this reduction were the elimination of advertising and promotion expenses that were used in launching the worldgaming.com gaming site in 2003; as well as a 32% reduction in other corporate overheads.
The success of World Gaming’s enhanced horseracing product, launched in April of 2004, continues to grow and the company is currently improving the product to allow licensees greater options to maximise their net-win.
