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Webis Holding’s 2016 annual report
WEBIS RESULTS REFLECT CHALLENGING YEAR
But company optimistic in trading update.
Webis Holding’s plc released its 2016 annual report detailing challenging conditions in the first half which were slightly offset by an improved performance in the second.
Key performance highlights for the 12-month period ending May 31, 2016, include:
- Group turnover of US$ 224.3 million (2015: US$154.4 million) up 45 percent on continuing operations.
- Gross Profit decreased by 3.3 percent to US$ 4.1 million (2015: US$4.2 million).
- Reduction in overall gross margin of 1.8 percent (2015: 2.7%).
- Operating costs were US$5.04 million: almost identical to 2015 (2015: US$ 5.03 million).
- Loss from continuing operations was US$1.2 million (2015: loss of US$1.6 million), including reorganizational costs, impairments and one-off costs.
- A basic and diluted loss per share for continuing operations of 31 cents (2015: loss of 40 cents).
- Shareholder equity decreased to US$1.9 million (2015: US$3.2 million).
- Total cash stands at US$ 6.4 million (2015: US$6.1 million), which includes a ring-fenced player liability amount of US$0.9 million (2015: US$1.4 million).
The company said its core USA based business subsidiary WatchandWager.com delivered an improved trading performance, despite delivering an overall loss on the year.
“It has been very much a game of two halves in this sector. The first six months of the year reflected a slower than anticipated turnover and less content availability. Importantly, the second half showed a marked improvement in turnover to May 2016, a trend that has continued into the new financial year. The reason for this is an increase in the number of active players and further improvements in content availability,” Denhem Eke, non-executive Chairman of the group said.
“WatchandWager has now achieved a vital critical mass and level of expertise to become a significant player in this [US] market. The Board remains very positive for further growth in the Business Trading sector in the future, especially in core reputable horse racing jurisdictions”.
In closing, Eke reported good turnover levels and EBITDA profitability in the first four months of the company’s current fiscal calendar, saying the Board is very encouraged by the growth of the business.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgaming’s customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sunday’s 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at –115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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