(“the company” or “betinternet”)
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 MAY 2004
betinternet.com plc, the global on-line gaming group, today announces preliminary results for the year ended 30 May 2004.
Highlights of the results are:
- Euro Off-Track, now wholly owned, increased turnover from £1.02m to £22.5m.
- Substantial cost saving programme implemented.
- Financing being put in place to allow positive growth.
- Customer accounts at period end 72,494 2003: 57,037), an increase of 27.1%.
- Turnover (including share of joint venture) increased 17% to £68.0m (2003: £58.1m).
- Euro Off-Track profit of £0.71m (2003: loss of £0.48m). Group share of profit £0.35m (2003: share of loss £0.24).
- Group loss £1.89m after amortisation of £0.22m (2003: £0.13m loss after nil amortisation).
- Basic and diluted loss per share 1.62p (2003: 0.12p).
Commenting on the results, Denham Eke, chairman of betinternet, said: “The period ended 30 May 2004 has been one of significant change at betinternet. The company now has a clear strategy for profitable growth. Following the year-end, we have acquired the 50% of Euro Off Track not previously owned and are organising equity funding from Burnbrae Limited which will support the anticipated rapid growth of this business”.
Update on Fundraising
The strategic review and fundraising announced on 19 October 2004 is nearing completion and the Board anticipates that this will be finalised and details set out in a circular to shareholders before the end of December 2004. Consequently, the publication of the Company’s Report & Accounts has been delayed pending completion of this fundraising and the annual report will be posted to shareholders before 31 December 2004.