(“the company” or “betinternet”)
INTERIM RESULTS FOR THE 26 WEEKS ENDED 28 NOVEMBER 2004
betinternet.com plc, the global on-line gaming group, today announces interim results for the 26 weeks ended 28 November 2004. Highlights of the results are:
- Group turnover increased by 80% to £47.06m for the 26 week period (2003: £26.20m);
- Pari-mutuel activities, re-branded as European Wagering Services, reported turnover of £32.26m and gross profit of £0.68m for the 5 months of full ownership.
- Financing in place for future growth. £0.8m (gross) received after date.
* Gross profit up 32% at £1.48m (2003: £1.12m)
* EBITDA loss reduced to £0.18m (2003: loss of £0.93m)
- Net funds pre December 2004 fund raising £0.54m; an increase of £0.14m in the period.
Commenting on the results, Denham Eke, chairman of betinternet, said:
“These results show a sharply improved performance at EBITDA level and give me confidence that EBITDA profitability may shortly be achieved.
“The Company is now strongly placed to build upon the initial impressive growth of its pari-mutuel business, European Wagering Services. In addition, the recent successes of its casino and football game offerings are a blue-print for future expansion within the sportsbook business. ”
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