Betinternet.com, the on-line gaming firm, have published their preliminary results for the year ended 27 MAY 2007. On earnings before interest, taxes, depreciation and amortization, the profit for the year was £162,000. This compares to a loss last year of £1, 055,000 .
The Group operating loss reduced to £0.076m (2006: £1.821m)
Other details: Gross profit increased by 30% to £3.0m (2006: £2.3m), Group turnover increased to £87.1m (2006: £67.6m), Sportsbook turnover rose to £62.4m (2006: £57.5m)
Pari-mutuel turnover grew by 148% to £24.8m (2006: £10.0m) and administration expenses reduced by 14.5% on a 'like for like' basis.
Chairman of Betinternet.com, Denham Eke,says that anyone involved in the gaming sector, whether as a shareholder or an employee, could not have anticipated the changes that have taken place over the course of the last year. It had been a difficult time for the sector, but the Company's executive management team has steered a course through these challenges to bring the business to profitability at EBITDA level and create a stronger operation for the future".
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