Webis reveals turnover, profit growth in first half

Webis Holdings, the company behind the WatchandWager brand, has reported year-on-year turnover and profit growth for the six months to November 30, 2017.

Turnover in the first half amounted to $209.3m (€169.6m), which represents an increase of 41.4% on the corresponding period in the previous year.

Webis put this improvement down to growth in its business-to-business activity across international markets, as well as a rise in business-to-consumer in the US, notably via the watchandwager.com website and mobile product.

Elsewhere, gross profit was up by 7.1% year-on-year to $2.22m, while operating loss was cut from $188m to $12m and loss for the period from $215m to £19m.

Total comprehensive income for the six months amounted to a loss of $19m, compared to a negative figure of $215m in the corresponding in the previous year.

Denham Eke, non-executive chairman at Webis, said: “Although we incurred a small loss for the period, I am pleased to report a further significant growth in turnover of 41% to $209m, thus continuing the positive trend highlighted in my previous Chairman’s Statement for the financial year 2017.

“Overall, the board are encouraged by these results; we are now ranked within the top five (ranked by turnover) of licensed USA operators and further cements WatchandWager's position as a credible provider within the USA.

“The board is pleased to report a generally further positive performance during the start of the second half in what is normally a quieter time of year for quality content.”

Eke added: “Our strategy of building brand value, with our increasing suite of US licences, together with our US established operations and business relationships, has created a significant asset.

“The barriers to entry into the US market become ever greater and the board will look for further opportunities to build on this asset for the benefit of shareholders.

“Ultimately, we work to position the group as a stable and diversified business and remain positive regarding our current overall position.”

Related article: Webis reverses losses in full year as profit, turnover rise