News blog
Betbrokers
- BY: Andrew Hore |
- POSTED: 10/06/2008 |
- COMMENTS: Add yours
A lack of funds is holding back progress at Betbrokers.
The retail and wholesale betting brokerage and clearing house says the lack of cash restricts the value of the bets it can take. Marketing and personnel costs have fallen but so has the trading performance of the business. That means that 2008 revenues will be lower than the £7m originally expected but it should still be cash generative.
The shares slumped 0.18p to 0.48p, valuing Betbrokers at £1.49m. The bid/offer spread is 0.4p-0.55p. Management is considering a share consolidation.
Betbrokers raised £495,000 from a loan note issue in March but this wasn’t enough. The average deal size in May 2008 was less than one-third of the level one year earlier because bets were turned down.
The company is looking to strengthen its board.
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