GOOD RESULTS FROM WEBIS

6 February 2009

Group turnover up 35 percent in sports betting

 

The UK listed betting group Webis Holdings plc, has released its financials for the period ended 30 November 2008.

Key highlights in the numbers include:

* Group turnover increased by 35 percent to GBP 71.5 million (2007: GBP 53.0 million)
* Sportsbook (Betinternet) turnover increased by 44 percent to GBP 56.4 million (2007: GBP 39.0 million)
* Pari-mutuel turnover increased by 8 percent to GBP 15.1 million (2007: GBP 14.0 million)
* Gross profit increased by 34 percent to GBP 1.701 million (2007: GBP 1.272 million), gross margin consistent with prior period at 2.38 percent
* Significant increase in EBITDA to GBP 381 000 (2007: GBP 43 000)
* Operating profit of GBP 256 000 (2007: operating loss of -GBP44 000)

Commenting on the results, Webis chairman Denham Eke said: "Since my statement at our recent AGM, it is pleasing to report that the Company has made good progress during the second quarter of the current financial year and these results represent a substantial turnaround in the Company's performance.

"The board's strategy of focussing on marketing initiatives and the ongoing development of the Company's IT systems and website in tandem with capital expenditure, where appropriate, is beginning to reap rewards. The board is optimistic about the Company's future prospects and I look forward to providing an update on further progress in due course."

Online Casino News Courtesy of Infopowa

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