Betinternet performance drives Webis turnover growth
Power 50 operator records operating profit after narrow loss in H1 2011.
London-listed operator Webis Holdings has seen turnover rise by 33% year-on-year, the company revealed in its report for the six months ended 30 November.
The period also saw Webis post an operating profit of £287,000, compared to a loss of £138,000 in H1 2011, while net trading income was up 43% year-on-year to £1.94m.
While the bulk of the £71.4m half-yearly revenues have been attributed to strength in casino and in-play betting under the betinternet brand, some of the rise has come as a consequence of incremental turnover generated by August’s US-focused Cal Expo deal signed by subsidiary European Wagering Services (EWS). Setup costs associated with this deal meant the company recorded a small loss for the half.
The growth from betinternet follows a period of investment in the brand first announced in July, and the division has contributed £52.3m, or 73.2%, of group turnover for the half with in-play the area to see the biggest improvement.
EWS contributed the remaining £19.1m in turnover, a 32% year-on-year increase, with £4.4m of this total related to Cal Expo where EWS’ first meeting was held on 2 November.
Last month saw Webis raise £800,000 through the issue of new shares, and this sum is anticipated to primarily go towards the development of the company’s US business.
Chairman Denham Eke said the early signs from the Cal Expo developments have been “extremely encouraging”, and noted: “Overall, we believe that we are firmly securing the foundations for the future success of the betinternet and EWS operations and we anticipate that the positive momentum built up within both businesses will be carried through into the second half of the current financial year and beyond.”