INTERIM RESULTS FOR 26 WEEKS TO 30 NOVEMBER 2003

betinternet.com plc, the global on-line gaming group, today announces interim results for the 26 weeks to 30 November 2003.

Highlights of the results are:

  • Turnover (including share of joint venture) increased 65% to £40.8m (2002: £24.8m).
  • Euro Off-Track turnover increased from £314,000 to £14.6m. First time profit of £338,000 (group share £169,000) compared with 2002 loss of £296,000 (group share of loss £148,000).
  • Fixed Odds betting turnover increased 7.4% to £26.2m (2002: £24.4m).
  • Abnormal results at start of European soccer season caused decline in gross trading margin from 7.9% (2002) to 4.3%.
  • Gross profit £1.1m (2002: £1.9m).
  • Substantial cost saving programme implemented.
  • Loss before tax and goodwill amortisation £1.1m (2002: loss £135,000).
  • Basic and diluted loss per share 1.00p (2002: 0.12p).
  • Customer accounts at period end increased 15.5% to 65,850.

Commenting on the results, Denham Eke, Chairman of betinternet, said “These results can only be described as very disappointing. However, in the last three months, our gross margin has returned to the levels previously experienced, and this should substantially improve the trading performance in the second half of the year. On a further positive note, I am pleased to report that Euro Off-Track achieved profitability during the period.”

Notes to editors:

The following are attached:

  • Interim Report
  • Consolidated Profit & Loss Accounts
  • Consolidated Balance Sheets
  • Consolidated Cash Flow Statements
  • Notes to the Accounts

INTERIM REPORT

N.B. Pari-mutuel (or ‘tote’ wagering) refers to wagering into a ‘pool’ where dividends are paid to winners and the operator retains a percentage of the ‘pool’.