(Alliance News) - Gaming firm Webis Holdings PLC on Wednesday reported a narrowed first-half loss with revenue climbing, helped by growth in its horse racing operations segment.
In the six months to November 30, revenue was 50% higher at USD8.1 million from USD5.4 million, with its pretax loss slimming to GBP207,000 from GBP591,000.
Amounts wagered fell sharply however, down 38% year-on-year to USD37.7 million from USD61.2 million. The Isle of Man-based company lost a contract with a "large syndicate".
"It should be noted that the loss of the syndicate will no longer impact year-on-year comparisons into the second half of the year. In addition, the loss of this syndicate allows us to operate a more balanced business, with less reliance on one group of customers," Webis added.
In Racetrack, the Webis unit which manages and operates horse racing facilities, revenue was 67% higher at USD6.9 million from USD4.1 million.
In ADW, or advance wagering deposits, revenue was down 5.8% to USD1.2 million from USD1.3 million the year prior. The unit provides online services allowing customers to wager into betting pools.
Shares in the company were 7.9% higher at 1.78 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Webis (WEB)