| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: TRAVEL & LEISURE |
betinternet narrows half year losses |
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Fri 04 Feb 2005
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LONDON (SHARECAST) - Online gaming group betinternet narrowed first half losses as it expanded its sportsbook business.
Success at its casino and football game offerings also helped the group cut losses to £180,000 in the 26 weeks ended 28 November from £930,000 the same time the year before. Turnover increased by 80% to £47.06m.
"The company is now strongly placed to build upon the initial impressive growth of its pari-mutuel business, European Wagering Services. In addition, the recent successes of its casino and football game offerings are a blue-print for future expansion within the sportsbook business," it said in company statement.
EBITDA loss in the period came in at £179,000 compared with a loss of £930,000 in the same period last year, after a round of cost cutting.
"These results give me confidence that EBITDA profitability may shortly be achieved," said Chairman Denham Eke.
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