RE: Nudging up?25 Feb 2021 07:21
Group amounts wagered were US$ 45.3 million, up 20% on prior year (2019: US$ 37.7 million). Turnover reported was US$ 7.4 million (2019: US$ 8.1 million), but with gross profit also increasing significantly to US$ 2.67 million (2018: US$ 1.79 million), a growth of 49% versus prior year. This resulted in a profit on the period of US$ 0.72 million (2019: loss of US$ 0.21 million). This turnaround of almost US$ 1 million in profit over the six months reflects the changing business mix in the operation, again improving our overall margin derived from more "retail-style" wagering activity, especially on-line. This is encouraging for the future.
Operating costs showed a small increase to US$ 2.17 million (2019: US$ 2.00 million), reflecting the additional costs of setting up racetrack operations in the autumn of 2019 during the Covid-19 pandemic. These costs are expected to stabilise. It should be noted that Cash and cash equivalents stand at US$ 2.93 million, and an improvement from last year (2019: US$ 1.49 million).