Trading Update17 July 2012
Webis Holdings plc
The board of Webis Holdings plc ("Webis" or "the Group"), the global on-line gaming group, provides the following trading update in relation to the performance of betinternet.com (“betinternet”), the Group’s sportsbook operation and European Wagering Services (“EWS”), the Group’s pari-mutuel operation, for the financial year ended 27 May 2012.
The betinternet sportsbook achieved revenue growth during the second half, as the fixed-odds content continued to increase, especially within the football product. The ‘In Play’ content has also been strengthened significantly, and accounted for 43% of the fixed-odds singles turnover for the financial year. The ‘In Play’ growth helped overall fixed-odds turnover to improve over the previous year with gross margin also increasing, although this remains volatile. Given the improvement in trading, the board is now investing in the future growth of betinternet, including the recruitment of senior industry personnel and additional product. Activity driven by the recent European Football Championships has also provided a positive start to the new financial year.
Trading within EWS improved in the second half as payment processing became more stable. Average player numbers and volumes wagered both increased through the online platform and call centre. The company’s move to San Francisco, California, together with its possession of a US pari-mutuel licence, is assisting with discussions in a number of areas, particularly in establishing a long-term payment processing solution and obtaining additional racing content. It is anticipated that EWS will launch its new ‘WatchandWager.com’ website in the first half of the new financial year, which will provide for a significantly better user experience, with live-streaming of race video.
Overall, the board is encouraged by the recent improvements in EWS and betinternet’s trading and believes that both businesses are well-placed to capitalise on the opportunities available in the on-line gaming market.
The board expects to announce the Group’s final results for the year ended 27 May 2012 in September 2012.
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