LONDON (Thomson Financial) - Racecourse operator and online bookmaker
Ubet2win PLC said its first half results have not been completed under IFRS and,
accordingly, trading in its shares have been suspended pending publication and
notification of the results.
In a statement, chief executive Francis French said a high level of losses
had been incurred during the period, covering the six months to end June, with
the company "unable to develop as planned".
Due to these continued losses, the company closed a number of its operations
during the year, reflecting the reduced level of turnover.
French said the board had decided it should no longer lay bets through its
internet website as the online software system was defective causing operational
faults resulting in controls within the system being ineffective.
"A claim has been made to the online system provider for the return of all
funds paid for the system and the servicing of it but to date the system
provider has not acknowledged this," he said.
The company said it would have to raise substantial new funds if it is to
relaunch its online gaming business, as this would necessitate the purchase of a
new online software system.
In the meantime, the company is continuing to generate its trade through the
Betfair betting exchange.
matthew.scuffham@thomson.com
msc
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