Betting shop costs reflected in TurfTV's annual pounds 17m profit.
Operating profits for TurfTV, which broke the 20-year monopoly of SIS when launched in April 2007, rose by 8.3 per cent from the previous 12-month figure, to pounds 16.978m, on total revenues of pounds 59.754m.
Timeweave changed its name from Alphameric and moved from the main stock market list to the Alternative Investment Market (AIM) on June 1 last year, after the near-pounds 15.5m disposal to Orbis of its betting-shop services division.
According to the latest set of accounts, the sale of Alphameric Solutions resulted in a loss to Timeweave on discontinued operations amounting to pounds 2.2m, but the net proceeds enabled the company to end the year with a cash pile worth pounds 31.9m, up more than half from the 2009 figure of pounds 20.8m.
Chairman Peter Bertram said: "Over the last 13 months the group has gone through significant change, both in terms of its trading operations and management team.
"We now start the year with a reshaped board, a strong balance sheet and the imminent arrival of a new chief executive."
The Racing Post revealed last month that Timeweave had appointed David Craven, managing director of the Tote's pool and e-gaming operation, as chief executive from next month.
Bertram added: "While trading conditions for our joint-venture business Amrac remain affected by the economic conditions in the markets, particularly in Ireland, the board will continue to look to invest in this business to generate appropriate returns for shareholders."
The Timeweave board increased the shareholders' final dividend to 1.6p, for a total of 2.6p per share, against last year's 1.7p.
Timeweave shares ended the week at 24.50p. Financial advisers Investec issued a note advising purchase up to 40p on the back of the results.
|Printer friendly Cite/link Email Feedback|
|Publication:||The Racing Post (London, England)|
|Date:||Mar 6, 2011|
|Previous Article:||Ex-stable staff trip to Ipswich not spoiled by home defeat.|
|Next Article:||Al Bahathri reopening delayed; RACING PEOPLE Focus on those at the heart of the action.|