Webis Share News (WEB)

Online gaming group Webis cuts its losses in the year to end of May but said trading remained challenging.The firm posted a loss for the period of £110,000, acompared to a loss of £337,000 in 2010.Group turnover for the year fell from £114m to £106m.It said that after "a much improved performance" from its fixed odds business, betinternet, it had the opportunity to grow its market presence during the forthcoming year.Betinternet recorded a pre-tax profit of £1,000, compared to a loss of £778,000 in 2010.The company added that betinternet had continued to trade in line with the board's expectations through the first quarter of the new financial year.However, Webis said it was dogged by problems at its pari-mutuel platform, European Wagering Services, in the reporting period."EWS encountered difficulties during the second half of the year in establishing a long-term payment solution for its online and telephone operations," it said.