(“the company” or “betinternet”)
PRELIMINARY RESULTS FOR THE YEAR ENDED 29 MAY 2005
betinternet.com plc, the global on-line gaming group, today announces preliminary results for the year ended 29 May 2005.
Highlights of the results are:
- Group turnover rose to £93.7m (2004: £45.5m) – an increase of 106%.
- European Wagering Services (‘EWS’) turnover of £45.8m in 48 weeks following acquisition.
- Casino and Games turnover of £18.7m in 24 weeks following launch.
- Administration expenses reduced 27.6% on ‘like for like’ basis.
- Operating loss before amortisation reduced sharply to £1.1m (2004: £2.0m).
- Group Loss of £1.9m same as last year, after increased amortisation charge of £0.7m (2004: £0.2m).
- Enhanced platform with diversity of sports and games being developed.
- Decision taken to accept US wagers.
- Continued support of principal shareholder – arrangements for share placing being finalised.
Commenting on the results, Denham Eke, chairman of betinternet, said: “We have reacted positively to what we believe is a temporary setback in the otherwise excellent progress of European Wagering Services and have directed our attention creatively on the performance of the sportsbook. I am confident that the combination of an enhanced sportsbook platform, soon to be accepting wagers from US customers, and the return to full potential of European Wagering Services during 2006, will hold betinternet.com on its course of developing one of the most compelling and exciting one-stop gaming and entertainment platforms available to customers across the world.”
Notes to editors: The following are attached:
- Chairman’s statement
- Operational Review
- Consolidated Profit & Loss Accounts
- Consolidated Balance Sheets
- Consolidated Cash Flow Statements
- Notes to the Accounts