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(Alliance News) - Webis Holdings PLC on Thursday swung to a loss for financial 2019, as a loss of a large wagering syndicate resulted in a sharp decline in wagering volumes.
The Isle of Man-based gaming company, however, added that despite the annual loss, the board is overall satisfied with the performance of three core business units namely business-to-consumer, business-to-business and racetrack operation Cal Expo.
Webis shares were down 3.7% at 1.35 pence each in London on Thursday afternoon.
For the year to May 31, total amount wagered stood at USD136.4 million, down sharply from USD461.2 million a year ago.
Pretax loss for financial 2019 amounted USD930,000 versus pretax profit of USD103,000 in the comparative period. Turnover fell 13% to USD47.3 million from USD54.5 million, mainly due to lower customer spending.
"Trading has been much improved in the new financial year from June 1st, 2019 to time of writing. We have seen growth in all three divisions we operate, and our strategy of controlling costs, particularly in the areas of data provision, marketing and some staff costs has been and will continue to be effective," Webis said.
"As a result, we are much closer to a breakeven situation at Ebitda level which is our initial task, with the ultimate need to return to profitability," the company added.
By Tapan Panchal; tapanpanchal@alliancenews.com
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