In Australia, online gaming and wagering provider International All Sports (IAS) Limited has announced a 664 percent increase in net profits before tax to $2.41 million for the six months ending in December.
This compares to net profits of $315,279 for the same period in 2007 while the Melbourne-based firm also revealed EBITDA results of $3.28 million, which was a 161 percent increase on the $1.25 million for the corresponding period last year.
IAS is currently the subject of a takeover bid from rival CentreBet International Limited reportedly worth $11.8 million and declared that turnover had increased by 2.75 percent as it focuses on retail recreational customers and moves away from high-stake professional and credit customers. This reorganisation resulted in a 23.85 percent increase in operating revenues.
The firm’s online presence at IASbet.com achieved a twelve percent increase in revenues for six-month period due to an above industry win rate of 7.55 percent, which it stated would continue into the second half of the 2009 financial year.
IAS stated that its proprietary trade business unit increased its revenues by over 75 percent to $1.97 million after a full review and the introduction of new hedging strategies in the second half of the 2008 financial year.
Finally, after switching onto the Microgaming platform in late-2008, IAS stated that its casino and poker business unit continues to grow and contributed an additional $536,533 to operating revenues over the six months compared to the previous year.
Regarding its proposed takeover by CentreBet, IAS stated the proposal ‘significantly undervalues’ its shares and that it would ‘vigorously defend any application by CentreBet to the Takeovers Panel’.