Betinternet Half Year Results On Target
Published: Friday, February 02, 2007 Online-Casinos.com
BETINTERNET HALF YEAR RESULTS ON TARGET
53 percent rise in turnover the foundation for a promising future
Pari mutuel and sports betting operator Betinternet released its interims this week for the period ending 26 November 2006. The company saw a 53 percent rise in group turnover to £43.6 million, compared with £28.5 million in 2005. EBITDA profit came in at £182,000, a promising turn around compared to a £600,000 loss in 2005.
The global on-line gaming group, which is listed on the London exchange announced its interim results for the 26 weeks ended 26 November 2006.
Highlights of the results are:
* Group turnover has increased by 53 percent to £43.6 million (2005: £28.5 million)
* European Wagering Services (EWS) pari-mutuel business continued growing with turnover up by 247 percent
* EBITDA profit of £182 000 (2005: loss of £599 000)
* Sportsbook turnover has increased by 27 percent to £31.8 million (2005: £25.1 million)
* Sportsbook margin has increased by 19 percent to 2.5 percent
* Group overheads have reduced by 17 percent to £1.39 million (2005: £1.67 million)
Commenting on the results, Denham Eke, chairman of Betinternet, said: “These results show that the business has moved to profitability at EBITDA level, with a particularly strong performance from European Wagering Services (“EWS”), the group’s pari-mutuel operation, and growing revenues from the sportsbook business. This is a significant improvement on the same period last year and shows that the strategies put in place by the new management team are working well.”
