Dismal performance from Webis Holdings 

Webis Holdings’ unaudited interim results for the six month period ended November 30, 2018 detail halved profit and revenue attributed to challenging conditions in the B2B sector.

Group turnover decreased to US$ 5.38 million (2017: US$ 10.30 million) with gross profit also decreasing to US$ 1.70 million (2017: US$ 2.22 million), resulting in an overall loss of US$ 0.59 million (2017: loss of US$ 0.02 million) for the period.

The company said the reduction in betting activity in its international B2B sector, had negatively impacted results, despite its other sectors performing satisfactorily.

Despite the poor performance, the gross margin percentage derived from wagering activity increased over the period, reflecting the low margins previously derived from international business-to-business wagering.

“The operation now has a much wider spread of higher margin turnover, with less reliance on any single customer, or small group of customers or even tracks,” a company statement reads.

“In summary, although we have seen a significant loss of short-term trading in our international business-to-business sector, this has allowed the Board and senior management to restructure the operation. This process of ensuring immediate cost efficiencies whilst focusing on our core assets is now well underway.

“Overall, we are more confident that now and will, in the future, have a more stable platform, with a wider spread of business, and consequently less commercial risk.”

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