PRELIMINARY RESULTS FOR THE YEAR ENDED 28 MAY 2006
betinternet.com plc, the global on-line gaming group, today announces preliminary results for the year ended 28 May 2006
Highlights are:
- Group turnover decreased to £67.6m (2005: £93.7m) due to the cessation in International Players Association activity as announced in January 2005
- Sportsbook turnover rose to £57.5m (2005: £47.9m)
- Pari-mutuel turnover shows continued signs of growth after last year’s setback
- Administration expenses reduced 13.9% on “like for like” basis
- Group loss of £1.9m maintained as last year
- New sportsbook platform launched May 2006
- Enhanced platform with diversity of sports, casinos and games
- EBITDA profit achieved in April and May 2006
- Continued support of principal shareholder
Commenting on the results, Denham Eke, chairman of betinternet.com, said: “We have made considerable and encouraging progress towards our stated aim of having a compelling and exciting one-stop entertainment website for the fixed-odds business. I am confident that this will be the boost that is required to bring sustainable profitability in the coming financial year.
“We can also expect a continued strong profitable performance from our pari-mutuel business, European Wagering Services, as it builds on the growth and success that we have seen during the last six months.”
Notes to editors:
The following are attached:
- Chairman’s Statement
- Operational Review
- Consolidated Profit & Loss
- Consolidated Balance Sheets
- Consolidated Cash Flow Statements
- Notes to the Accounts