Webis Holdings proved it is possible for bookmakers to lose money – and shareholders, too, as the shares tumbled 7.1% to 1.3p.

In the year to the end of May the operator of watchandwager.com posted a loss before tax of US$930,000, versus a profit the year before of US$103,000.

The amounts wagered figure slumped to US$136,353 from US$461,154 the previous year, due to the loss of a large wagering syndicate as previously reported to shareholders in October.

“Trading has been much improved in the new financial year from June 1st, 2019 to time of writing. We have seen growth in all three divisions we operate, and our strategy of controlling costs, particularly in the areas of data provision, marketing and some staff costs has been and will continue to be effective,” Webis said.

“As a result, we are much closer to a breakeven situation at Ebitda level which is our initial task, with the ultimate need to return to profitability,” the company added.