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Webis expects return to profit with revenue set to climb 28.3% in FY2021


Webis Holdings, the owner of the advance-deposit wagering operator, has forecast a net profit of $824,000 in its 2021 financial year following an anticipated 28.3% rise in revenue.

Total revenue for the 12 months to 31 May 2021 is likely to amount to $55.7m, which would be up from $43.4m in the corresponding period last year.

Webis is not yet able to publish a full report for the financial year as planned due to a delay in Deloitte USA reviewing the activities of AmTote, the third-party wagering hub provider to Watch&Wager. This, Webis said, was delayed due to a novel coronavirus (Covid-19) issue.

Webis has agreed an extension with authorities and will publish its full set of accounts by 28 February 2022, meaning only limited details about its performance in the 2021 financial year are currently available.

The trading update showed that the amount staked by players in the year is expected to be 25.5% up to $132.1m, which is forecast to drive the increase in revenue.

Cost of sales is set to reach $49.8m and betting duty $114,000, while operating expenses are expected to amount to $5.3m, which would be 8.2% higher than in FY2020.

Webis also noted a government grant of $272,000 and forecast other income of $185,000, which would leave an operating profit of $949,000, compared to a loss of $190,000 in the previous year.

Financial costs are likely to be $125,000 and as Webis did not note any income tax expenses in the update, this would result in an anticipated net profit of $824,000, which would be an improvement on the $284,000 loss posted in FY2020.

Further information was not made available due to the delay in publish of accounts, but the reporting period did see Webis secure a one-year advanced deposit wagering license for its WatchandWager subsidiary in West Virginia.