28th Oct 2013 11:05
LONDON (Alliance News) - Shares in Webis Holdings PLC were up 30% at 5.344 pence Monday morning as it posted increases in revenues and swung into an operating profit in the year ended May 31.
The gaming company posted revenues of GBP168.6 million, up from GBP113.8 million in the previous year. It saw a total operating profit of GBP364,000, up from a operating loss of GBP8,000, its first total comprehensive profit since 2009, Webis said.
Operating expenses increased to GBP5.1 million from GBP3.2 million due to licence acquisition and operating costs for racing at the California Exposition and State Fair.
Earnings per share increased to 0.11 pence, up from 0.02 pence.
The company's betting and racetrack operation WatchandWager.com performed well despite card payment provider issues in the second quarter, Webis said, with a strong second half boosted by a good performance from racing at Cal Expo.
The company's betinternet.com business saw revenues and margin levels increased, bolstered by increased revenues from the company's 'In Play' content.
Webis said it was aware of proposed regulatory changes in some of the jurisdictions it operates, and warned that it was likely to see increases in licensing fees and betting taxes in the coming years, but said that the online gaming industry had weathered many challenges from its inception. Webis said that it would continue to seek informed updates on any changes to gaming legislation.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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