Monday  September 19,2011 : Tough economic conditions for online gaming group
 
Online gaming group Webis Holdings plc has announced its preliminary results for the 52 week period ended 29 May 2011.
 
The group comprises of two operations: betinternet.com a full-featured sportsbook portal with fixed-odds betting on all major sports as well as an instant, download and live dealer casino; and European Wagering Services (EWS) who own a totalisator hub which enables the passing of wagers directly into global racetrack betting pools, in real time.
 
Key performance indicators include:
 
–     Loss for the period of GBP 110 000 (2010: loss of GBP 337 000)
 
·-    EBITDA profit of GBP 149 000 (2010: loss of GBP 37 000)
 
·-    Group gross profit increased by 17 percent to GBP 3.04 million (2010: GBP 2.6 million)
 
·-    Group turnover of GBP 105.6 million (2010: GBP 114.2 million)
 
Commenting on the results, Denham Eke, Chairman, Webis Holdings plc, said:
 
"Although conditions in the market remain challenging, the Board believes that, after a much improved performance from betinternet, this business has the opportunity to further grow its market presence during the forthcoming year.
 
“There are now also signs that EWS is again beginning to trade in line with the Board's previous expectations".