Ubet2win Posts Heavy Loss
Published: Tuesday, July 03, 2007 Online-Casinos.com
UBET2WIN POSTS HEAVY LOSS
Chairman describes pre-tax loss of GBP 925 000 as "unsustainable"
The racecourse and online sportsbetting group ubet2win plc had bad news for investors this week when it revealed that its full-year pre-tax loss had widened to GBP 925 000 compared to last year's loss of GBP 264 000 due to continuing difficulties with its racecourse business and the heavy costs of marketing and developing its online activities.
AIM-listed ubet2win said the losses were despite increased turnover from continuing operations, which grew to GBP 1.7 million compared with GBP 46 000 last year.
Chairman Gerry French said the company has undertaken a wide review of all aspects of its business as the losses recorded were "unsustainable", adding it expects the decisions arising from the review to result in a much-improved performance in the coming year.
French said it was "most disappointing to be reporting such heavy losses during what is still very much a time of development for the company. Turnover has increased substantially, reflecting not only the company's business from its racecourse operations but also the business generated from the company's website and its telephone betting service, both of which were launched during 2006."
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