Betinternet Turns The Corner
Published: Thursday, September 27, 2007 Online-Casinos.com
BETINTERNET TURNS THE CORNER
Annual results show improvement
The publicly listed UK online betting group Betinternet.com plc has published its preliminary results for the year ended 27 May 2007, showing encouraging improvements
Highlights are:
* EBITDA profit for the year of GBP 162 000 (2006: loss of GBP 1 055 000)
* Gross profit increased by 30 percent to GBP 3.0 million (2006: GBP 2.3 million)
* Group turnover increased to GBP 87.1 million (2006: GBP 67.6 million)
* Sportsbook turnover rose to GBP 62.4 million (2006: GBP 57.5 million)
* Pari-mutuel turnover grew by 148 percent to GBP 24.8 million (2006: GBP 10.0 million)
* Administration expenses reduced by 14.5 percent on a 'like for like' basis
* Group operating loss reduced to GBP760 000 million (2006: GBP1.821million)
Commenting on the results, Denham Eke, Chairman of Betinternet.com, said: "Anyone involved in the gaming sector, whether as a shareholder or an employee, could not have anticipated the changes that have taken place over the course of the last year. It has been a difficult time for the sector, but the company's executive management team has steered a course through these challenges to bring the business to profitability at EBITDA level and create a stronger operation for the future".
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