The Asian focused lottery and betting company announced the half year results, which showed a loss at EBIDTA level of £1.4m on trading turnover of £7.4m.
The Asian Handicap soccer betting division reported a first half turnover of £6.5 million and a gross betting loss of £10,000, which was primarily due to a poor May period in which the division suffered a loss of £337,000.
The start to the second half of the financial year has been characterized by a good finish to the World Cup and a strong start to the new season. In the first 2 months of the period, the Asian Handicap betting division reported a gross betting win of £540,000, with a promising start to September as well.
Betex, which also operates sports lottery shops in 17 of China’s 32 provinces, has recently received the authorization from the Chinese authorities to sell single match football tickets in its shops. The company believes this part of the business will make a significant contribution to both turnover and profit in the second half of 2006.
Executive Chairman Johnny Hon said: “It is with great pleasure that we present the interim trading figures for the first half of 2006. During this period the Company has begun to mature both operationally and as an organisation. The period also reflects the transition from being a UK based internet Asian handicap football bookmaker to a truly Asia centric organisation with offices and staff in Beijing, Guangzhou and Hong Kong, reflecting the development of the business.”
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