25th Feb 2021 12:17
(Alliance News) - Webis Holdings PLC on Thursday said it swung to profit in the first half of its current financial year.
Webis Holdings shares were trading 30% higher in London on Thursday at 2.60 pence each.
The gaming company said amounts wagered were USD45.3 million in the six months to the end of November, up 20% on prior year. Turnover, however, slipped to USD7.4 million from USD8.1 million the year before.
Profit on the half-year was USD720,000, swinging from a loss of USD210,000 posted the year prior. Webis explained that this turnaround of almost USD1 million in profit over the six months reflects the changing business mix in the operation, improving the company's overall margin derived from more "retail-style" wagering activity.
Operating costs showed a small increase to USD2.2 million from GBP2.0 million the year before, reflecting the additional costs of setting up racetrack operations. These costs are expected to stabilise, the company noted.
Webis said cash and cash equivalents stand at USD2.9 million, an improvement from last year's USD1.5 million.
Going forward, the company said it expects an upturn in performance in the spring as the weather improves and it promotes the domestic and international content for which it has licenses. As a result, Webis said it expects a steady trading pattern up to its financial year-end in May.
By Evelina Grecenko; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Webis