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 Group’s performance for the period from 31 May 2010 to 30 November 2010, being the first six months of its current financial year ending 29 May 2011.
EWS’ turnover increased during the period compared with the prior year. The previously notified withdrawal of payment processing services, however, adversely affected EWS’ higher margin business and, as a result, the division’s trading for the period was below the board’s expectations. EWS implemented an alternative solution towards the end of the period and the division is now, once again, performing in line with the board’s expectations.
As previously notified, the Group’s pari-mutuel operation, European Wagering Services ("EWS") acquired a United States pari-mutuel hub operating licence with the North Dakota Racing Commission during the period. The board has established a clearly-defined business plan for the growth of EWS following this acquisition, which it is now actively pursuing. This plan will involve establishing a presence within the US and increasing marketing and development activity as well as further increasing the level of racing content. EWS’ link2bet.com website is core to the achievement of these objectives. The board also anticipates that the acquisition of a US licence will facilitate the identification and implementation of additional long-term cost-effective payment processing solutions.
The Group’s sportsbook operation, betinternet.com ("betinternet"), returned to profitability during the period after a successful World Cup and a stabilisation of the margin during the early part of the football season compared with the prior year. We have upgraded betinternet’s casino and games offering by introducing a solution from CTXM, a well-established provider of gaming services,
As previously announced, the board is reviewing its strategy for the sportsbook and this process is continuing. The board will provide a further update to shareholders as appropriate.
The board expects to release its Interim Report for the period ending 30 November 2010 during February 2011.
For further information:
Webis Holdings plc
Garry Knowles, Managing Director
Telephone: 01624 698141
Evolution Securities Limited
Telephone: 0113 243 1619