There is more bad news for the UK based Weather Lottery plc’s venture into online gambling, The latest company results indicate further losses.

The company posted a pre-tax loss of over £789,000 for the year to the end of July. This loss was more disappointing then expected as turnover was slightly higher at £1,343,000 in 2011 than in 2010 which was £1,231,000.

In an attempt to stop the downfall TWL has initiated cost cutting measures and is hoping to offload its subsidiary which was responsible for a whopping £400,000 of the latest losses in income.

The year 2011 was a difficult year for the company with particular emphasis on the former Director Keith Millhench who defrauded the company out of large sums of money. This whole sorry saga involved expensive legal costs to bring him to justice.

The company also had its hands full with initiating confiscatory measures against the Director and his accomplices in the defrauding.

The Chairman of the company summed up the situation best,” As the results show this has been a difficult year for TWL, not all of which can be attributed to the hard economic climate in the leisure sector.”

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