betinternet.com plc, the global on-line gaming group, today announces preliminary results for the period ended 1 June 2003.
Highlights of the results are:
- Group operating profit * £100,443 (2002: £1,692,533 loss)
- Gross profit £4.16m (2002: £2.87m) – an increase of 44.9%.
- Internet betting turnover £50.4m (2002: £38.7m) – an increase of 30.2%.
- Internet betting margin, after duty, 7.04% (2002: 6.24%)
- Customer accounts at period end 57,037 (2002: 23,795) – an increase of 140%.
- First strategic acquisition – Oddsalive
- Euro Off-track now able to commingle wagers into approximately 100 tracks
- Basic and diluted loss per share 0.12p (2002: loss of 2.33p)
- Period-end cash (net of overdrafts) £1.77m.
* prior to share of loss in joint venture
Commenting on the results, Denham Eke, Chairman of betinternet, said: “I am delighted that at the same time as announcing our maiden operating profit, I can report on significantly increased interest in the pari-mutuel opportunities we are offering. Indeed, last week’s wagers through our Isle of Man hub exceeded $2m for the first time. These opportunities, coupled with the underlying performance of the core sports book business, provide exciting prospects for the Company.”
The following are attached:
- Chairman’s statement
- Operating Review
- Consolidated Profit & Loss Accounts
- Consolidated Balance Sheets
- Consolidated Cash Flow Statements
- Notes to the Accounts
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’.
The full report with tables is available below: