19-10-2005 Mixed results for International All Sports

Despite a 13 per cent increase in turnover to $587.5m and an improved margin of 4.8 per cent, compared to 4 per cent the year before, the Australian bookmaker announced a pre-tax loss of $5.24m.

The loss was in part due to the costs incurred in the restructuring and reestablishment of the Capital Sports business in the UK.

The integration of Canbet was successful and resulted in a return of profitabilty, with revenues of $4.43m from a turnover of $108.35 for the period from 17 December 2004.

During the year, IASbet acquired a majority stake in Norfolk Island licensed Austote, which is authorized to accept bets as a bookmaker or on a pari-mutuel basis in respect of race meetings and sports betting.

The company has also been granted two new licenses, the first a sports bookmaking license by the Northern Territory Racing Commission and the second a Betting Agent Agreement (Macau horse racing) by the Macau Jockey Club and the Macau Government.

The Austote acquisition combined with the two new licenses will allow further diversification of the IAS group, which now has the opportunity to compete with totalisators in a manner that has not been possible in the past.

International All Sports said future prospects are positive and remains confident that 2006 will see a return to profitabilty.