The Weather Lottery on "sound footing" despite loss

The Doncaster-based company made a pre-tax loss of 77,000 for the 12 months to July 31, compared to a 48,000 loss for the previous year.

Revenue from continuing operations fell to 1.23m from 1.35m.

Chairman Lord Razzall said: "This year has been one of change both in terms of arresting the relative decline in the existing business and the expansion in new areas of operation."

The firm, which is continuing its search for a replacement for former chief executive Keith Milhench, said its fund raising through share placings among the new board and its supporters had been completed.

TWL raised 100,000 to put the company on a "sound up-to-date financial footing".

At the year-end and shortly afterwards a further 300,000 was raised to prepare for the planned expansion of the existing lottery operations into the gaming sector, particularly through partnership contracts with professional football clubs.

In its statement TWL said: "The group made a loss for the year of 77,000 as a result of reduced turnover brought about by the economic recession.

"The group has restructured its board in the period and has invested in new income streams through the development of new football gaming, under the brand FC Betz.

"It has already negotiated contracts with a number of professional football clubs which will mean income being derived from the 2010/11 season onwards."