UKbetting On Track to Profitability
By philip
UKBetting has said it is pleased with its steady growth despite the fact that it is still posting narrow losses. The company has spent the past three years building its network of sports and gaming websites and performance is improving solidly.

Earnings before interest, tax, depreciation and amortisation narrowed to 0.3 million pounds in the six months to end-June from a 1.6 million pounds loss last year. Turnover from its gaming division rose 50 percent to 36 million pounds and the number of registered users jumped 46 percent to 225,559. This represents an average of around 194 new players a day and the company says it is on track to becoming profitable by the end of 2004.

'We are pleased and encouraged by the progress of the company in the first half of this year, and the board remains confident of the underlying strength of the business,' vice chairman Peter Dubens said in a statement on Friday.

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