The Weather Lottery plc has posted a pre-tax loss of more than £789,000, with much of the loss being attributed to the company's online subsidiary.
The UK based company's large loss of £789,000 is up from £77,000 in losses during the same time period last year. The losses came even as Weather Lottery announced that there was a higher rate of turnover during 2011 (£1,343,000 in 2011 vs £1,231,000 in 2010).
The biggest factor in TWL's staggering losses can be directly attributed to its FCBetz.com site. The site is a subsidiary of TWL, and accounted for £400,000 in losses. Other harmful events included the news that former Company Director Keith Millhench committed acts of fraud against the company. TWL then had to pay out expenses to bring Millench and an accomplice to justice.
Commenting on the reports, TWL Chairman Lord Razzall said "As the results show this has been a difficult year for TWL, not all of which can be attributed to the hard economic climate in the leisure sector."