Shares in AsianLogic jumped 8 percent today on the back of a positive trading update, wherein the company expressed pleasure with its progress following its December float on the London Stock Exchange.
Between Jan. 1 and March 10, average daily casino turnover jumped 23.7 percent from $8.6 million to $10.8 million against Q4 2007. Daily net gaming revenue was also up 13 percent to $240,000 from $212,000 the previous quarter.
AsianLogic said that poker fees were growing "quickly," with average daily rake and tournament fees combined showing monthly growth of 20.8 percent.
Brokerage Collins Stewart maintained its "buy" recommendation on AsianLogic shares, adding the group's poker and casino segments are growing much faster than expected.
AsianLogic said that it plans to launch a new gaming site by the end of Q1 2008 -- its fourth during the quarter -- with a further five scheduled to go live during Q2.
Collins Stewart said AsianLogic's share price -- currently 94p -- looks very cheap, and that it anticipates a 4.5 percent yield in 2008.
is the editor of IGamingNews. He lives in St. Louis, Mo.