LONDON (ShareCast) - (ShareCast News) - Gaming and technology services group Webis Holdings reported a "significantly improved trading performance" for the full-year as its core business, WatchandWager.com saw a substantial increase in turnover and gross profits.
Webis returned the group to profitability over the twelve months ended 31 May after previous losses, continuing the positive momentum seen at the end of the previous financial year, leaving the group feeling "optimistic" for the future.

WatchandWager's two core business units, business-to-consumer and business trading, both performed well with marked increases in turnover and gross profit across both sectors.

Group turnover for the year was up 65% to $371.9m driving a 30.6% rise in gross profit to $5.3m, reversing the previous year's decline and leading to a small $5,000 profit before tax against the $1.2m posted twelve months earlier.

Webis' total cash position at the end of the year was $15.1m, up from the $6.4m the group had on hand at the end of the previous financial year.

Non-executive chairman, Denham Eke, said, "The board are encouraged by the increase in activity, turnover and most importantly a reversal of previous losses into a profit, albeit small."

"We believe the company has turned a corner in relation to performance, although are mindful of some of the challenges that may lie ahead. Most importantly the Board believe the strategies for growth are the correct ones, and are regulatory compliant, which is critical in this sector," he added.

The firm posted a breakeven earning per share, improving from 2016's loss of 0.31p per share.

As of 1120 GMT, shares had ticked up 10.37% to 1.35p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE