Boss to Drop Interims Aug. 15
Boss Media will release its interim report on Wed., Aug. 15. (Take a look back at first-quarter results from Boss.)
WPTE Releases Q2 Results
World Poker Tour Enterprises (WPTE) has released second-quarter results, which, against figures from Q2 2006, show a 30 percent drop in revenue to $7.7 million. The decline in revenue contributed to a net loss for the quarter of $3.3 million, or $0.16 per share, the company said. WPTE also reported losses in U.S. television fee revenues (down 41 percent to $4.3 million) and online gaming revenues (down 62 percent to $300,000). The company said that lower player-activity levels and its migration from the WagerWorks platform to CryptoLogic's had negatively impacted I-gaming revenue. WPTE chief executive Steve Lipscomb said that the company would continue to build its brand internationally, and, to that end, highlighted television distribution deals in Austria and the Netherlands, which fall under its PartyGaming sponsorship agreement.
Fluxx Releases H1 2007 Figures
In its interim report, Fluxx AG indicated an increase of earnings outside of its native Germany as a result of the success of its subsidiaries in Spain and the United Kingdom. The company showed a jump in earnings to 31.3 Million Euro from 23.5 million over the same period in 2006, and a 227 percent rise in Earnings Before Interest Taxes Depreciation and Amortization. FLUXX’s expansion is expected to continue, as legislation in the new State Treaty on Gaming is expected to force it, as well as other operators, to expand into new markets.
First-Half Results from Ladbrokes
Although Ladbrokes reported first-half earnings in line with recent high expectations, interim profits in its betting shops dropped as over the counter wagers were outweighed by bets placed at remote fixed odds betting terminals. Total company profits rose to 195 million pounds, up from 151.3 million in the same period in 2006, but an 11.6 percent drop in retail operating profit kept this number from rising any higher. Following the release, The Times reported that Ladbrokes is set to return £250 million to shareholders via a share buyback program. Analysts told the paper that the move could potentially make the company less attractive to private equity firms, which, it said, tend to fund acquisitions largely with debt. However, the paper added that the "credit crunch" currently affecting the global marketplace significantly reduces the chances for such an acquisition. Ladbrokes chief executive Chris Bell said that the possibility of renewing takeover talks with 888 is "very unlikely," and that Internet gambling was "a very hard space in which to find value."
Profits Double for LCGH During H1 2007
Betting company London Capital Group Holdings has reported that the strength of its main brands led first-half profit to more than double over the same period in 2006. Profits for the company rose to £3.53 million, up from £1.66 million over the same period a year ago. The company has stated that the rise may have come as a result of massive increases in the number of bets taken. With spread bets per day rising 63 percent, and live bet client accounts rising 93 percent.
Q2s from CryptoLogic
Having released second-quarter results, CryptoLogic reported a post-tax loss of $2.6 million, or $0.19 per fully diluted share, due principally, it said, to $4 million in "reorganization costs" related to its transatlantic move. Crypto also reported that revenue for the quarter, $16.2 million, was down 37.6 percent against the previous-year period. The company said, however, it had increased its recurring operating revenue by $1.2 million, or 7.7 percent, compared to figures from Q1 2007. "CryptoLogic took major steps this quarter toward a return to growth and profitability--with an increase in operating revenue, and a decrease in operating costs," said chief executive Javaid Aziz.
Betfair Appoints Nieboer Brand Director
London-listed Betfair has appointed former Virgin Games managing director Oscar Nieboer brand director on an interim basis. Nieboer, the company said, is to oversee brand development through the crucial stages ahead of, during and after the introduction of the U.K. Gambling Act.