PartyGaming First Half Report Looks Good

Published Friday, August 06, 2010 -

Gibraltar licensed, London stock exchange listed, PartyGaming has made it clear they are making serious money once again. The first half of the year has made everyone in the financial front take notice of it's terrific showing made especially great by it's merger with Bwin. The exceptional thirty percent hike in revenues for the first half of 2010 to June 30th makes PartyGaming look invincible.
Strongest growth was reported by the online gambling and sports book sectors of the now massive giant company. Total revenue up to Euro181.2 million camparing that to the 2009resilts for the same period, Euro139.9 million, this has been activated also by acquisitions. The results spell success how ever way you see the numbers, progress in the newly regulated markets of France and Italy spured on by the potential Danish  preparedness for the opening up of it's online gambling market in early 2011.
PartyGaming's cashflow from continuing operations was up 65 percent to Euro 55.3 million  again compared to 2009: Euro33.5 million it is a substantial boost  but net cash on hand on June 30th  2010 Euro 146.8 million a little down from 2009 at Euro 166.7 million.
Jim Ryan, PartyGaming's CEO, said, "We delivered another robust financial performance in the first half and also made great progress in executing our strategy." 
He added,  "Since 30 June 2010, the group has continued to perform in line with the Board’s expectations. Seizing a strong position in newly regulated markets is a key focus for us.Ryan continued, "As other markets follow Italy and France, we expect that a limited number of large networks and brands will emerge to become market leaders – we are determined that together PartyGaming/Bwin will be one of them. This natural consolidation of the marketplace will accelerate through corporate mergers and acquisitions and as one of the largest players in the sector we remain committed to continue playing an active role. Whilst the macroeconomic and competitive environments remain challenging, we remain confident about the Group’s prospects for the rest of the year and beyond."


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