News

Web-gaming vendor forges ahead with restructuring

September 28, 2003

LONDON -- Web gaming software developer IQ-Ludorum is seeing the effects of restructuring initiatives.

According to a Net Imperativestory, the company generated $2.07 million in revenue during the six months of the year, representing a drop of $800,000 on last year, but reduced operating losses by about 75 percent to $1.29 million after cutting costs.

Much of the restructuring has now been completed and the firm is actively recruiting in some areas of its business, which is targeting future growth in new betting markets such as kiosk wagering, the article said.

IQL, which develops and sells a range of web-gaming products, looks likely to experience a cash crunch in the coming months unless it can attract further funding or quickly reach operating profitability.

IQ-Ludorum CEO Roger Stone said although revenues from new initiatives, such as the kiosk wagering partnership it has with a Brazil-based company, have taken longer to transpire than previously predicted, he is confident that they will "contribute significantly to the revenue line before the end of this year."