In-play growth returns Webis to profit
Group records £355k full year net profit and sees turnover increase 48.3% on the back of a strong in-play performance
Betinternet owner Webis has announced the group achieved a full year profit for the first time since 2009 following a turnaround in sportsbook performance.
According to its financial results for the 52-week period ended 31 May 2013, Webis posted a net profit of £0.355m, up from a loss of £0.041m in 2012, and a 48.3% rise in group turnover to £168.64m.
Sportsbook turnover increased to £96.96m, up from £83.09m in 2012, with the group highlighting its in-play as a key driver following a 57% increase in turnover during the period.
“We have consistently achieved good advances within both of our gaming subsidiaries WatchandWager.com Limited (WatchandWager) and betinternet.com Limited (betinternet),” Denham Eke, chairman of Webis Holdings, said. “Our betinternet sportsbook has seen a marked change in its performance and profitability over the course of the year, particularly in the second half, where turnover and margin levels have increased significantly.”
In a July trading update Webis announced it was on course to record strong revenue growth in its online sportsbook and casino due to an increase in its live betting offering.
The AIM-listed operator’s tote betting and racetrack operation WatchandWager also recorded a strong 2013 performance after resolving initial payment issues in the second quarter of the year and follows the launch of the new WatchandWager.com website in the last quarter.
Following the release of its 2013 financial results, Webis Holdings’ share price had risen 32% from 4.60 to 5.45 at the time of writing.