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| IQL Reveals Slow Growth |
9/21/2001 Online gambling industry showing signs of stalling Online gambling software provider, IQ Lodurum, revealed a fall in revenue growth for the previous six-month period. Blaming the slow pace of deregulation in the online gambling sector in the UK as well as the lack of progress as regards the legal status of online casinos in the UK and the US, the company reported turnover for the six months to June 2001 of US$2.8m, down 12% on the previous six months, an operating loss of $3.7m up from a previous loss of $2.3m and net current assets of $8.8m. Bracing itself for a testing time, the company stated, ?the outlook for the remainder of the year and into 2002 is challenging. The economic turmoil created by current global tensions indicates that a cautious approach to the immediate future is appropriate.? However, the company was also quick to point out that current revenues are seasonal, particularly as much of its revenue is based on the US NFL football season that runs from September to January. |
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