Friday January 11, 2013 : THE WEATHER LOTTERY CUTS LOSSES
Loss-making gambling interests restructured
The Weather Lottery, which made a big splash in online sports betting with UK football clubs two years ago but then fell upon hard times, has managed to reduce its losses, according to latest published results.
The AIM-quoted firm said its full-year loss was reduced to GBP 291,000, from GBP 789,000 a year earlier, even though its turnover fell during the period.
During the 12 months to July 31, 2012, the company's turnover fell 15 percent to GBP 1.14 million after the elimination of loss-making gambling activities.
The company said its lottery business had made a profit of GBP 238,000 and has good prospects for the future, but its gambling activities had been substantially restructured.
A new arrangement with Nottingham City Council for the Soccerdome site should provide a more attractive future for this business, The Weather Lottery said in a statement.