Revenue up 52 per cent for online gaming giant PartyGaming

30-01-2008

Revenue up 52 per cent for online gaming giant PartyGaming
Online gaming group PartyGaming has announced strong fourth-quarter results with revenue up 52 per cent from the same period last year.

The trading update said that the performance boosting revenue to $120 million (£60 million) was "in line with management's expectations".

"We are delighted to have delivered another strong performance," said PartyGaming chief executive Mitch Garber.

"We continue to build on the four pillars of our strategy: growing the player base, localising the customer offer and broadening the product base while acting responsibly."

Active player days increased 30 per cent from the year prior, while the number of daily players increased by the same amount, the update said.

New "real money sign-ups" decreased by four per cent during the quarter.

PartyGaming also said it had recovered yields from "high-value players" lost to sites that continue to accept US players, following the US Unlawful Internet Gambling Enforcement Act (UIGEA) in 2006.

According to today's statement, year-on-year yield per active player increased 18 per cent.

"These results show that we have built a solid platform for growth in a post-UIGEA world," said Mr Garber. "We remain confident about the group's future prospects."

Despite the optimistic outlook, shares in the operator of sites such as PartyPoker.com, PartyCasino.com and PartyBets.com have shed 3.51 per cent to 27.50p in morning trading.

Bookmark with:
Bookmark with: Digg Digg Bookmark with: Del.icio.us Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Automotive
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
Health / Beauty
Hotel / Catering / Restaurants
HR / Recruitment
Insurance / Pensions
International / Overseas
IT / Internet
Legal
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Telecommunications
Transport / Logistics
Travel / Tourism / Leisure