IQ Lodurum, the AIM-listed software provider for the web-based gaming industry, underlined the slow pace of deregulation in the online gambling sector as it revealed a fall in revenue growth in its interim figures released this morning.
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.
IQL’s management were swift to point out that current revenues are quite seasonal, based on it traditional sportsbook, call centre, and online technology for the US NFL football season that runs from September to January.
It also warned that “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.”
Principal factors hitting revenue growth were cited as a slower than planned roll-out of the new UK-based casino platform and consolidation in the offshore North American sportsbook industry as well as no reported progress in online casino legislation, which is still illegitimate in mainland UK and US.