FOR IMMEDIATE RELEASE
27 February 2006
27 February 2006
("the company" or "betinternet")
INTERIM RESULTS FOR THE 26 WEEKS ENDED 27 NOVEMBER 2005
betinternet.com plc, the global on-line gaming group, today announces interim results for the 26 weeks ended 27 November 2005.
Highlights of the results are:
* Group turnover has fallen by 39% to £28.50m (2004: £47.06m) due to the previously announced cessation of activity of IPA
* European Wagering Services (EWS) pari-mutuel business showing signs of new growth after last year’s setback
* Financing in place to allow for business development. £1.6m (gross) received after period end
* EBITDA loss of £0.6m (2004: loss of £0.18m)
* New sportsbook platform expected prior to World Cup football tournament in June
* Sportsbook hosting to be moved to Curacao to allow for strategic move into US market
Commenting on the results, Denham Eke, chairman of betinternet, said:
"These results show an anticipated fall at EBITDA level as a result of the previously announced changes within our pari-mutuel operation and a reduction in marketing activity in anticipation of the arrival of the new software platform.
The Board considers that the new platform, together with a strategic marketing push into the United States and the introduction of new gaming products, will enable the sportsbook operation to take advantage of the continued growth in the online gaming sector. In addition, we expect that European Wagering Services will continue its growth with a steady, sustainable increase in its customer base."
betinternet.com plc Tel: 01624 698141
Garry Knowles, Managing Director
Williams de Broë plc Tel: 0113 243 1619
Joanne Lake
Britton Financial PR Tel: 0207 251 2544
Tim Blackstone
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Notes to editors:
The following are attached:
1. Chairman’s statement
2. Consolidated Profit & Loss Accounts
3. Consolidated Balance Sheets
4. Consolidated Cash Flow Statements
5. 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".