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53 percent rise in turnover the foundation for a promising future
Pari mutuel and sports betting operator Betinternet released its interims this week for the period ending 26 November 2006. The company saw a 53 percent rise in group turnover to 43.6 million, compared with 28.5 million in 2005. EBITDA profit came in at 182,000, a promising turn around compared to a 600,000 loss in 2005.
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The global on-line gaming group, which is listed on the London exchange announced its interim results for the 26 weeks ended 26 November 2006.
Highlights of the results are:
* Group turnover has increased by 53 prcent to 43.6 million (2005: 28.5 million)
* European Wagering Services (EWS) pari-mutuel business has continued to grow with turnover increasing by 247 percent
* EBITDA profit of 182 000 (2005: loss of 599 000)
* Sportsbook turnover has increased by 27 percent to 31.8 million (2005: 25.1 million)
* Sportsbook margin has increased by 19 percent to 2.5 percent
* Group overheads have reduced by 17 percent to 1.39 million (2005: 1.67 million)
Commenting on the results, Denham Eke, chairman of Betinternet, said: These results show that the business has moved to profitability at EBITDA level, with a particularly strong performance from European Wagering Services (EWS), the groups pari-mutuel operation, and growing revenues from the sportsbook business. This is a significant improvement on the same period last year and shows that the strategies put in place by the new management team are working well.
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