by Renee Israel
The Weather Lottery PLC has reported large losses over the past year.
The UK-based gaming firm does not appear to have had much luck with its
adventures in online gaming, as it has been experiencing a widening loss in this
industry.
The company's turnover in 2011 was
£1,343,000, which was slightly more than its
turnover in 2010 of £1,231,000. But in spite
of this, the company revealed that it had experienced a loss of slightly more
than £789,000 pre tax for 2011 till July end,
which is more than its loss of £77,000 during
the same period in 2010.
The Weather Lottery Cuts Costs to Slow Losses
The Weather Lottery has been cutting costs desperately in a bid to deal with
its losses. Moreover, it is hoping to sell off FCBetz.com, one of its
subsidiaries, which was responsible for
£400,000 of its losses. However, despite the
losses it has incurred over the last two years, the company seems optimistic
that things will look up in 2012.
Lord Razzall, the chairman of the Weather Lottery, said that the results
prove that the company has had a tough year, and not all the difficulties of the
Weather Lottery can be blamed on the economic recession.
Last year the Weather Lottery suffered a loss when Keith Millhench, its
former director, cheated it of a large sum of money, forcing the company to
invest much-needed funds to bring Millhench, and the employee who assisted him,
to justice.
In spite of Millhench, the Weather Lottery's lottery business has raked in
some profits. Currently, this UK-based gaming company is taking a number of
restructuring steps, which will help it get back on its feed and reduce further
losses. The company hopes that its next financial report due for publication on
January 31, will show a marked improvement.
The Weather Lottery runs two subsidiaries: Prize Provision Services Limited,
which handles the funds and distributes weekly and monthly prizes, and Prize
Logistics Limited, which handles the administrative part of the company.
The Weather Lottery also raises funds for schools, societies, charities,
sports clubs, special projects, and others. These fund raisers are customized as
per the aims and objectives of the organization.
While the organization receives 45 percent of the funds, the rest of it is
split between the administration and the prizes.
