At today’s Annual General Meeting of betinternet, all of the tabled resolutions were duly passed and the Chairman, Mr Denham Eke, made the following statement regarding the Company’s current trading position:
“The Company has continued to trade according to expectations during the first quarter of the new financial year, with good revenues being achieved through the casinos and fixed-odds games on the sportsbook platform, during a period when football content was reduced.
Within the last week, the sportsbook has undertaken a substantial upgrade which has enhanced the opportunities for our customers, with the introduction of Starting Price betting to complement our existing UK and Irish horseracing product, which we plan to start marketing within the next two weeks. We have also added to our football offering with the introduction of Asian Handicap multiple bets and made improvements to the betting slip and internal liability management systems, as well as allowing for a better allocation and tracking of promotional bets. I anticipate that these enhancements will increase the appeal of our website and have a positive effect on the revenues achieved by the sportsbook operation in the forthcoming months.
The board intends to continue to seek a strategic acquisition for our sportsbook operation and this will remain an area of focus for the forthcoming year, but not to the detriment of driving organic growth of our existing sportsbook business.
European Wagering Services (EWS) has now secured a robust payment solution, which is already assisting with the reactivating of accounts from those customers who were unable to deposit following our recently documented banking issues. The impact of these issues on the operation has been limited, due to the nature of pari-mutuel betting and the composition of EWS’ customer base and I now expect that we will see a return to previous levels of revenue and anticipate further growth thereafter.
Following today’s shareholder approval, the board intends to change the name of the Company to Webis Holdings plc, to more accurately reflect its role in the group. It subsequently intends to re-organise the betinternet.com sportsbook portal and the EWS pari-mutuel businesses, subject to regulatory approval. The operations and trading names of both businesses will be unaffected by this change.
The company anticipates announcing its interim results for the 26 weeks to 25 November 2007 in February 2008.”