WebIs Posts More Favorable Figures
October 16, 2008 (InfoPowa News) — Webis Holdings, which owns the sportsbetting site BetInternet.com, has released preliminary results for the year-to-end May showing a 33 percent increase in EBITDA — up at £215,000, compared to last year's £162,000, and group turnover rising to £117.2 million (2007: £86.9 million).
Operating profit reached £34,000, a solid turnaround from last year's loss of £33,000 in 2007.
The Betinternet.com sportsbook recorded turnover up 40 percent to £86.8 million (2007: £62.1 million), which management attributed to a larger investment in European marketing activities. This had also had a positive impact on revenues achieved by its two online casinos and fixed-odds games, which accounted for 66 percent of the sportsbook's total revenues for the period.
Subsidiary European Wagering Services' pari-mutuel business saw turnover rise by 23 percent to £30.4 million (2007: £24.8 million), boosted by a significant improvement in performance in the second half of the period, which saw the resolution in November 2007 of U.S.-related payment issues.
The company revealed that it has upgraded and relocated its sportsbook hardware facility to a purpose-built facility on the Isle of Man, and launched its redesigned link2bet.com website in September 2008.
Webis chairman Denham Eke said: "The improved trading performance for the period is a direct result of the board's strategy for the company in a number of different areas including marketing activity, IT systems, capital expenditure, and the ongoing identification of cost-savings. Trading for the first quarter of the current financial year was ahead of expectations and I look forward to reporting further progress in due course."