IGH announced its preliminary results for the year ended 30 November 2005, highlighting turnover of £8.09m (£23.4m pro-forma) and a loss after tax of £864,000, including head office start up costs of £470,000.
The gross profit margin for the period was of 3%, reflecting a gross win margin of 5% in Heathorns International and 1% in Premier Bet, both of which are forecast to improve in future months.
“IGH has achieved a year of significant development and growth. The Group\’s focus has been on the integration of our two major acquisitions over the year. I am pleased to report that we have made considerable progress. We are confident that we can continue to further develop our brands and business lines. To support these developments, we have now finalized and implemented the technology platform that will allow for a single solution platform capable of supporting all of the current and future gambling products,” commented Thomas Taule, the company\’s Chairman and Chief Executive.
During 2005, IGH made two strategically acquisitions in Heathorns International and Premier Bet, signed a software licensing agreement with Orbis Technology, raised additional capital to fund its expansion and significantly enhanced the group\’s infrastructure.
Heathorns is the world\’s oldest established bookmaker, while Premier Bet is an online bookmaker specialized in soccer. IGH\’s strategy has been to combine the two brands with Orbis OpenBet gambling platform to expand into betting markets other than soccer as well as building a substantial online business offering sportsbook, casino, fixed odds games and poker.
In separate news, Betinternet announced the appointment of Damon Waddington as its new Financial Controller.
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