Webis Holdings bounces back into profit

Finance News

Isle of Man based Webis Holdings operator of WatchandWager.com returned to profit in the six months to the end of November as the amounts wagered in the period rose 20% to US$45.3mln from US$37.7mln a year earlier.

Profit before tax in the period was US$721,000, compared to a loss of US$207,000 in the corresponding period of 2019. Turnover reported was US$ 7.4 million, with gross profit also increasing significantly to US$ 2.66 million, a growth of 48% versus prior year.

“I am pleased to report a sustained improvement in trading for our principal subsidiary WatchandWager.com, with a significant return to profitability and a continuation of the positive trends reported at the end of the 2019/20 financial year. Moreover, I anticipate a sustained performance to the financial year ending May 2021, with certain caveats for the continued impact of Covid-19 and other factors outside our control.

In short, I am pleased to report the Group is now in a far better position than in recent years, with a much better business mix and clear avenues for growth ahead.” said Denham Eke – Non-Executive Chairman.

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