UK CHINESE-FACING LOTTERY FIRM REPORTS MORE LOSSES
DJI Holdings pre-tax losses widen significantly, and firm seeks to diversify.
The Cheshire, UK-based but Chinese facing lottery firm DJI Holdings has revealed that its pre-tax losses widened significantly year-on-year in 2015, from GBP 4 million in the preceding year to GBP 10.7 million in 2015 as revenue plunged from GBP 47.5 million to just GBP 5.5 million.
In a statement the company explained that its results were impacted during the year by the suspension of lottery products in China pending the publication of new regulations, although some improvement has been experienced in the new year.
Chief executive Darren Mercer reported:
“This was a year of transition for DJI, in which the board identified and began successfully to tackle two main challenges: positioning the group’s lottery businesses to benefit from anticipated regulatory changes following the suspension of online sales that impacted 2015 revenues; and launching a strategy of diversification aimed at transforming the group into a provider of internet technology operating at the heart of China’s largest mobile apps.
“The development of potential new revenue streams accelerated significantly after the year-end and a number of new material opportunities are being progressed."