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LONDON (Alliance News) - Webis Holdings PLC on Monday reported a widened loss for its first half of its financial year, as revenue growth was offset by an increasing cost base and a fall in margin.
Webis operates gaming site WatchandWager.com. It previously operated betinternet.com, but this operation was closed in March 2015. As a result its year-earlier comparison is only of continuing operations.
For the half year to end-November, Webis reported a pretax loss of USD714,000, widened from a loss of USD683,000 a year before, as a rise in revenue to USD67.9 million from USD48.9 million was offset by higher cost of sales and betting duty paid.
The company said it had experienced a "contraction" in margin, primarily as a result of higher track host fees, source market fees, and the cost of being licensed in regulated states in the US, along with pressure from competition in the high volume wagering sector.
Webis said it is countering this by adding more unique products for its players and actively recruiting new players, which will be a major focus in its second half.
The second half has seen a "gradual improvement in performance" so far, Webis said, and it expects this trend to continue to the year end.
Shares in Webis were down 11% at 0.780 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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