29th Nov 2024 11:53
(Alliance News) - Webis Holdings PLC on Friday said its annual loss widened during its most recent financial year, amid plans to cancel trading in its shares in London.
The global gaming group and operator of the advanced deposit wagering business WatchandWager.com LLC said its pretax loss during its financial year that ended May 31 widened to USD1.1 million from USD745,000 the year before.
Revenue was relatively flat year-on-year at USD50.0 million, while cost of sales increased only marginally to USD45.5 million from USD45.3 million.
Group amounts wagered during the year declined 2.6% to USD110.5 million from USD113.4 million.
Webis last week announced its plan to cancel trading on the London Stock Exchange's AIM market, to make the company more attractive for potential partnerships, mergers and acquisitions.
Shares in Webis were up 54% at 0.22 pence each in London on Friday morning, but have fallen by 64% over the past month and are down 80% over the past 12 months.
Managing Director Ed Comins said: "Following an in-depth review, the board has unanimously agreed that it is in the best interest of the company and its shareholders to delist form AIM. The company continues to believe WatchandWager has a unique position in the USA as one of the top five licensed operators in our sector, and the board believes that the cancellation will reduce costs and protect shareholder value as the group seeks to grow its business in North America and deliver on strategic goals."
By Emily Parsons, Alliance News reporter
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