The board of Webis Holdings plc, the global on-line gaming group, is pleased to provide the following trading update in relation to the Company’s performance for the 3rd quarter of its current financial year ending 31 May 2009.
The Company has traded in line with the board’s expectations for the period, with continuing growth within both its sportsbook portal, betinternet.com and pari-mutuel operation, European Wagering Services (“EWS”).
In February, betinternet.com launched the first phase of its enhanced ‘In-Running’ product, which offers live betting opportunities on an increased number of football matches. The board plans to add further enhancements to this product over the coming months. In the short time that this new product has been operational, we have seen significant growth in ‘In-Running’ turnover and this product has helped to generate an increase in betinternet.com’s aggregate turnover during the period, at an increased gross margin.
EWS’s gross margin has also shown a strong improvement as the level of business completed through our higher-margin website (link2bet.com) and our call centre channels has increased.
Encouragingly, the Company now has a better mix of revenues across all available wagering channels. Additional website enhancements and further infrastructure improvements for both betinternet.com and EWS are on schedule for implementation during Q4 of the current financial year. betinternet.com will also be raising its profile by sponsoring a number of horse races over the coming months, including the Hunters’ Steeple Chase at Ascot on ‘March Friday’, this year, on Friday 27 March.
The board remains confident that the Company’s much improved performance over recent months can be continued into the future. The board expects to announce a pre-close trading update in early June, following its year-end on 31 May 2009.