Webis dips with losses and lower volumes

UK-based gambling firm Webis Holdings Plc saw their share price dip during Wednesday trading with a deepening in first-half losses on-year.

Lower volumes, greater losses

The disappointing results in the latest round of figures have been attributed to a drop in betting volumes with a thinning out of traffic from betting customers.

Pre-tax losses for the six months through November came to $591,000, deepening from $19,000 on-year. This came alongside revenue which was almost half of what it was the year before, falling $5.38 million with the most notable fall in activity coming from the company’s international business-to-business sector.

“Performance has been steady for the new period during a normally quiet time of year for weather and lack of quality content,” Webis said in a statement.

“Overall, we continue to focus on growing player numbers, whilst keeping a close control on costs and implementing further cost efficiencies across the business.”

Webis latest

Webis shares are currently trading down 8.68% or 0.23p at 2.42p per share 27/02/19 14:37 GMT.

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Senior Journalist at the UK Investor Magazine. Also a contributing writer at the Investment Observer, UK Property Journal and UK Startup Magazine. Postgraduate of King's College London with a specialisation in Business Ethics. Interested in Development Economics and David Hume.