Webis records six-figure pre-tax profit
The AIM-listed company has recorded a group pre-tax profit of £162,000 for the six months ended 28 November 2010.
Webis Holdings, home to the betinternet.com sportsbook, has recorded a six-figure pre-tax profit for the first half of its financial year, it said in a statement to the stock exchange this morning.
Helped by last year’s football World Cup, group pre-tax profit for the six-month period ended 28 November 2010 reached £162,000, compared to a £58,000 loss for the same period in 2009, with betinternet.com recording a pre-tax profit.
However, both group turnover, down £0.8m to £55.6m, and betinternet.com sportsbook turnover, down £1.8m to £36.2m, were slightly lower than in the first half of the 2009-10 financial year.
As in the last financial year, the main growth area for Webis has been its European Wagering Services (EWS), which recorded turnover of £19.4m for the six months ending 28 November, a 5% increase on the same period in 2009. This is despite the withdrawal of its payment processing facility in July at no notice.
Chairman Denham Eke remained realistic in the light of the results, although he recognised the potential value of EWS securing a North Dakota Pari-mutuel hub operating license and buying the Nevada-based wagering site WatchandWager in August.
“Overall conditions in the markets served by the group remain challenging,” he said. “The board believes, however, that EWS is now well positioned for growth in the US market following the division’s acquisition of a US licence.”
Eke also acknowledged the addition of CTXM’s real-time casino to its stable of games, which is just one of a number of upgrades to take place during the 2010-11 financial year. He revealed that the company was working on an upgrade of the “look-and-feel” of betinternet.com’s website, which it plans to launch later this month.
As the Webis Holdings board reviews its strategy for betinternet.com and looks to increase its presence in the US with EWS, this latest report is far more promising than its last set of preliminary results released in October.