Webis Holdings increases turnover 35 percent in 2008

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The UK listed betting group Webis Holdings plc, has released its financials for the period ended 30 November 2008, reporting a 35% increase in turnover and 34% increase in gross profit.

Key highlights in the numbers include:

  • Group turnover increased by 35% to £71.5 million (2007: £53.0 million)
  • Sportsbook (Betinternet) turnover increased by 44% to £56.4 million (2007: £39.0 million)
  • Pari-mutuel turnover increased by 8% to £15.1 million (2007: £14.0 million)
  • Gross profit increased by 34% to £1.701 million (2007: £1.272 million), gross margin consistent with prior period at 2.38%
  • Significant increase in EBITDA to £381,000 (2007: £43,000)
  • Operating profit of £256,000 (2007: operating loss of £44,000)

Commenting on the results, Webis chairman Denham Eke said: "Since my statement at our recent AGM, it is pleasing to report that the Company has made good progress during the second quarter of the current financial year and these results represent a substantial turnaround in the Company's performance.

"The board's strategy of focussing on marketing initiatives and the ongoing development of the Company's IT systems and website in tandem with capital expenditure, where appropriate, is beginning to reap rewards. The board is optimistic about the Company's future prospects and I look forward to providing an update on further progress in due course."

Source: InfoPowa News