PartyGaming announces 67 percent surge in H1 operating profits |
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Published
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Thu, 07 Sep 2006 10:55
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LONDON - The world's biggest online gaming firm, PartyGaming PLC today reported first half earnings in line with expectations and said profits were boosted by the ever increasing demand for its poker games and casinos. PartyGaming said operating profits for the six months ending June 30 were up 67 percent to $319.3 million as compared to the $190.8 million reported a year ago.
Sales at the group increased by 51 percent to $661.9 million. Pre-tax profit was up to $320.5 million as opposed to $186.3 million a year ago. The increase in revenues was mainly driven by international customers outside the US, the firm said. Around 23 percent of the overall revenue was generated outside the US in the first half as compared with 15 percent at the same time last year.
“These results demonstrate the strength of our business model and also the potential to grow our business through investment in the development of new products and new territories outside North America.," said PartyGaming boss Mitch Garber. "Our ability to adapt and innovate has ensured that we remain the clear market leader. The recent additions of backgammon and an exclusively non-U.S. facing sportsbook should add momentum to our expanding international revenue base."
In the US gaming firms have become wary following the crackdown on BetOnSports. "Whilst regulatory uncertainties continue, the board remains confident about the group's full year prospects," Garber said. PartyGaming shares were going at 117.25 pence in early morning trade.
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PartyGaming straightens from the slip, recovers some lost ground 