Webis Holdings, a global online gaming group, has released its interim results for the six months ending in November, reporting a 35 percent increase in turnover to £71.5 million.
Isle of Man-based Webis is the firm behind the BetInternet.com online casino and sportsbook and revealed that turnover for the same period in 2007 came in at £53 million.
It stated that turnover from its sportsbook increased by 44 percent to £56.4 million from £39 million while that gained from parimutuel activities rose by eight percent to £15.1 million from £14 million the year before. Gross profits increased by 34 percent to £1.7 million from 2007’s £1.2 million although its gross margin dropped slightly from 2.4 percent the year before to 2.38 percent.
Perhaps most promising, Webis stated that its earnings before interest, tax, depreciation and amortisation increased to £381,000 from the £43,000 it declared the year before while operating profit skyrocketed to £256,000 from a loss of £44,000 for the same20period in 2007.
'Since my statement at our recent annual general meeting, 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,” said Denham Eke, Chairman of Webis Holdings.
“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.'