NetPlayTV raises £2.5 million
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NetPlayTV has raised £2.5 million through a share placing in a bid to return the company to profitability.
Interactive gaming company NetPlayTV has raised £2.5 million through a share placing in a bid to strengthen its balance sheet and return the company to profitability.
Clive Jones, non-executive chairman of NetPlayTV, comments that the company intends to focus on its core ‘live’ casino products, and that the transaction will allow the business to return to a sustainable profitable state. He adds: ‘The funds raised through this placing will ensure NetPlayTV is able to complete its restructuring.
In the six months to June 2010 NetPlay TV declared a pre-tax loss of £7.9 million on a turnover of £11.31 million.
London-based NetPlayTV operates a number of gambling services in the UK including the websites SuperCasino.com and ChallengeJackpot.com. The AIM-listed company was founded in 2000 and its products can be accessed on a number of satellite and terrestrial TV channels. NetPlayTV is also licensed to operate in Malta and Alderney.
In 2006, NetPlayTV underwent a significant restructuring when it sold its fixed line telephony business and acquired the television gaming business. In December 2009, the company acquired the gambling companies Abstract Games and Info-Download for around £3.6 million.