Good Turnover But Profit Drops At Betbull
 April 20, 2007, 4:37 am (1 year ago)Betbull, which is an AIM listed online gambling joint venture that is owned by the FUNTech and the Austrian public company Bwin Interactive Entertainment AG, has actually reported mixed results for the year of 2006, with what is known as record revenues on the one hand but high costs on the other which as a result drove the profits straight down.
Based on the 2005 numbers, the gross income has actually increased by a factor of four to EURO 89.4 million and also a net gaming revenue that grew 3.75 times since 2005 to EURO fifteen million.
Pre tax profit was down at EURO 1.5 million, despite these encouraging and exciting improvements, and the report cites legal fees and lobbying as well as start up costs for the operations in Spanish as well as Italian markets are the main reason for these factors.
Simon Bold, Betbull boss, said “considering the difficult regulatory circumstances under which Betbull operated in the year of 2006 I am very pleased with the growth achieved”. “I am looking forward to implementing business development objectives in Spain which will help grow Betbull to the next level”.
The companies in these types of market have to realize that once they have suffered from a bad situation that even the slightest amount of comeback is good enough to say that they have done there part and are working to make things better, I don’t see why people think that companies can just jump right back up from a fall.
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