Partygaming upbeat about results
Written by Jayne Wilson   
Friday, 18 December 2009 15:11

Partygaming, owners of some the top UK bingo sites such as Foxy Bingo, Think Bingo and Cheeky Bingo, says it expects full year earnings to be slightly ahead of the company's expectations amid solid current trading.

 

In a statement ahead of the company's Dec. 31 year-end, Partygaming said it sees revenue for the full year in line with expectations.

Chief Executive, Jym Ryan, commented "as indicated at the time of our third quarter key performance indicators, our business has continued to perform well across the board during the fourth quarter with a return to net revenue growth across all four of our key product verticals."

PartyGaming is the world's biggest listed-online gaming group by market capitalization, it main operations being online poker and casino games.  It also has a smaller sports book and bingo business.

CEO Ryan added: "We are pleased to see that the initiatives introduced throughout the year are now feeding through into both operational and financial performance with increased player numbers and average net daily revenues versus the previous quarter, despite continued competition from illegal US-facing sites and the difficult macroeconomic climate."

Partygaming said its casino business has continued to perform well on the back of new games and higher jackpots, while Bingo has grown substantially since the group bought Cashcade in July.

The company also said new gambling regulations in Italy and France, due to be announced in 2010, represent significant revenue opportunities. Partygaming recently launched an Italian online poker service with Fueps as it builds out its Italian poker network. The has agreed a new GBP35 million loan facility which it will use for general corporate purposes including mergers and acquisitions.

PartyGaming agreed in April to pay $105 million to U.S. authorities to ensure the company or its subsidiaries were not prosecuted for providing Internet gambling to customers in the U.S. before the federal government's ban of the industry in October 2006.

PartyGaming will report its fourth quarter key performance indicators on Feb. 3.

Partygaming shares, which closed Thursday at 259 pence, up 2.5% on the day are flat today.

 

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