Party Gaming
 July 9, 2008, 10:26 am (11 months ago)Party Gaming plc revealed Q2 results this week, presenting a softer financial performance, but confidence that full year 2008 will still be striking to sponsors. The market's response was an almost 8 percent drop in the share price to 234.25p, valuing the group at approximately GBP 1.98 billion.
During the quarter, the online casino operations of the group brought a authentic performance, but slower than expected business in the online poker and sportsbetting divisions impaired from that to some degree, the company advised in a trading update.
In April, the company stated that Quarter 1 sales rose 21 percent after more bets were made on roulette and other casino games by the players. Casino sales increased 45 percent, while revenue from poker went up by 13 percent.
The recent trading announcement stated that the strong performance in casino operations was accomplished through growing number of players, cross selling from the poker operations, the increased recognition of bingo and the introduction of two new slot machines branded "Mission: Impossible" and "Saturday Night Fever."
PartyGaming's Director of Communications John Shepherd commented:
"We have a deal with Paramount and are launching "Top Gun" and "Godfather" machines next and will also be announcing a tie-up with another movie studio in due course."
First half 2008 results will be released at the end of August, and are estimated to show higher margins.
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