NetPlay slashes loss
Article Date: Jun 22 2009Acquisitive interactive gaming concern NetPlay TV cut annual pre-tax losses from £4.3 million to £993,000 on doubled turnover.
The AIM-quoted company, which operates services including SuperCasino.com, Bingos.com and EuroTeleMillions.com from the UK and Malta, boosted revenues from £9 million to £19.75 million last year. Chief executive officer Martin Higginson says London-based NetPlay achieved its first positive earnings before interest, tax, depreciation and amortisation since transforming itself from a mobile content business into an interactive TV gaming specialist.
He highlights growth of more than 80 per cent for SuperCasino.com, with gross bets rising by £110 million to £243 million and a string of takeovers, including Bingos.com, Sky Channel 848 and the assets of Info-Download. So far this year, the company, which ended 2008 with £2 million cash, has acquired the assets and database of Two Way Gaming in a deal involving an £800,000 funding at 18p, as well as agreeing to take over the production and licence agreement for Virgin Media’s Challenge Jackpot, among other deals.
NetPlay says it is now in ‘advanced discussions’ over a first retail partnership agreement and Higginson claims the company ‘has never been better placed to take advantage of the numerous opportunities that lie ahead’. Trading in the first quarter of this year was ‘in line with budget’ and showed a positive ‘EBITDA’ of £455,000.
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