The UK online gambling group Party Gaming plc has posted its 2010 full year results, showcasing:
- Total revenue up 15% to 357.3 million Euros (2009: 310.1 million Euros) with a softer performance in poker mitigated by strong growth in all other verticals
- Continuing clean EBITDA up 7% to100.4 million Euros (2009:93.8 million Euros), slightly ahead of market expectations
- Net cash flow from continuing operations of 86.3 million Euros (2009: 86.3 million Euros)
- Net cash at the year end of 156.7 million Euros (2009: 114.5 million Euros)
- Merger with Bwin on track to complete and new shares in bwin.party digital entertainment plc to begin trading on 31 March 2011.
- Current trading in-line with Board's expectations; gross revenue per day of 1,431,800 Euros (Q4/2010: 1,425,400 Euros)
- Good progress in newly regulated markets; more regulation in Italy and Denmark expected during 2011.
The results broken down by activity revenue show:
- Poker down at 124.8 million Euros (2009 FY- 136.8 million Euros)
- Casino up at 151.4 million Euros (2009 FY - 136.3 million Euros)
- Bingo up at 51.4 million Euros (2009 FY - 22.8 million Euros)
- Sports betting up at 20.8 million Euros (2009 FY - 13.2 million Euros)
Profit before tax from continuing operations was 43.8 million Euros, down from 2009 FY when it was 57.4 million Euros. Profit after tax was similarly lower, declining from 53.3 million Euros in 2009 to 40.2 million Euros in 2010.
Commenting on the results, chief executive Jim Ryan said:
"During 2010 the group delivered on a number of its strategic objectives, the most significant of which was the announcement of our transformational merger with bwin, the world's largest listed online sports betting business.
"We also completed the integration of both Cashcade and WPT whilst our French network has captured around 14% of the newly regulated French poker market.
"In the US we believe there is growing political and commercial will to regulate online gaming and that we are well-positioned to exploit our strong franchise in that market should regulations allow.
"As our merger with bwin is set to complete on 31 March 2011, we are finalising our plans to integrate both businesses as quickly as possible and remain confident about delivering the cost and revenue synergies we have already identified in line with the previously announced timetable, with the full 55 million Euros per annum being delivered by 2013."
Regarding current trading he added:
"The group has continued to perform in line with the Board's expectations. In the two-month period ended 28 February 2011, average gross daily revenue was 1,431,800 Euros (Q4/2010: 1,425,400 Euros).
"New poker player sign-ups increased to an average of 1,905 per day (Q4/2010: 1,853) and there were on average 52,400 active poker players per day (Q4/2010: 50,400).
"Average gross daily revenue for poker was 452,600 Euros (Q4/2010: 440,200 Euros); for casino was 557,100 Euros (Q4/2010: 577,200 Euros); for bingo was 339,100 Euros (Q4/2010: 337,200 Euros) and for sports betting was 83,000 Euros (Q4/2010: 70,800 Euros)."
Source: InfoPowa News