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WAP Integrators, the company which provides "affinity" mobile phones for Leeds United, lost STG314,000 in the last six months of 2000.
However, the UK company has plans to extend the software services it offers mobile phone and Internet users, especially in the area of gambling.
A report from the company said its agreement with Demmysportsbet should be allowed to lapse and instead the group will become its own bookmaker.
Two wholly-owned subsidiaries under the name of Sportsflutter Ltd have been set up in Malta and the UK and have obtained the necessary gambling licences.
WAP Integrators said it would now have much greater flexibility in the gambling products it offers its customers, both on mobile phones and the Internet and expects substantial profits from the venture.
An agreement has also been signed with BT Lumina to provide badged "affinity phones" to specific users groups, the first deal being with Leeds United. The company says the agreement will provide it with an income stream from call revenue and sign- up fees, as well as delivering its gambling products and mobile services at minimal cost to a highly targeted customer base.
WAP Integrators will be providing news, SMS, gambling and other services on "affinity phones" to Leeds United fans and this site is due to be launched soon.
The company said it is in negotiations with a number of other football teams and sporting bodies and expects to announce a number of similar arrangements in the coming months.
Under another arrangement, the company will be providing news and gambling content in association with BT at this year's Manx TT, the famous motorcycling event on the Isle of Man. The content will be provided on 3G phones and will be part of BT's first major trial of 3G in Britain.
Progress has also been made in the development of location-based services in partnership with the University of Kent.
Financially, the company said it was incurring expenditure at a slower rate than was originally envisaged at flotation. It reported an operating loss of STG314,000 over the six months with a loss per share of STG0.25.
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