888 'Bullish' on 2008 Growth
888 Holdings, the online gambling operator, has revealed a 36 percent rise in net revenue across 2007, a growth rate which Gigi Levy, the group's chief executive, is "bullish" on pushing into this financial year. "Current run rate indicates 20 percent (overall revenue growth), and we are bullish on pushing this," Mr. Levy told Reuters. "Do I think 30 percent is too much? No, I don't think 30 is too much." View the full story.
AsianLogic Grows Full-Yearly Gaming Revenue 95%
The maiden full-yearly results from AsianLogic, the land-based and Internet gambling operator, revealed total revenues from its gaming activities of $54.3 million across 2007, almost doubling its 2006 figure of $27.8 million. Gross profit on this revenue was $5.55 million, versus $3.73 million a year ago. Although a 49 percent increase year-on-year, the figure, $5.5 million, actually represents a fall in gross profit margin from 13.4 percent in 2006 to 10.2 percent in 2007. View the full story.
Stakebuilding in Rank Group Continues
The Sunday Times reported the Richardson family, the U.K.-based private property investors, has "secretly" upped its stake in Rank Group, the land-based and Internet gambling operator, from 9.3 percent to more than 11 percent. The Richardsons, worth an estimated £500 million, or $993.1 million, have been amassing the stake, the paper said, using derivatives known as contracts for difference, through a vehicle called Richardsons Capital. The news follows last week's announcement from Genting Berhad, the Malaysia-based investment arm of Genting Group, confirming it would not make a rumored $959 million offer for Rank. For purposes of reference, the Richardson family holds at least 11 percent in Rank, Genting, 11.03 percent, and Guoco Pty Ltd., the investment arm of Hong Leong Group Malaysia, 9 percent.
Daniel Stewart Suggests 'Buy' for Betbrokers
James Hollins, an analyst with Daniel Stewart & Co., the London-based brokerage, has issued a buy note on Betbrokers shares. Mr. Hollins wrote Monday that the BetBrokersBinaries.com, its new fixed odds financial betting service, comes with "zero commission and tax levels, making it a highly attractive, regulated product for customers." While the "upside" of the launch is yet to be factored into forecasts, he said, the launch underpins his projection of £7 million, or $13.8 million, for full-yearly group revenue. The company's shares, currently trading at 1.25p, have been given a target price of 3.5.
British Sky Appoints New CFO
British Sky Broadcasting, the U.K.-based broadcaster and operator of Sky Bet, has appointed Andrew Griffith chief financial officer. Mr. Griffith, 37, was BSkyB's director of group finance, M&A and investor relations before his promotion.
Audley Capital Management Gains Voting Rights in Gaming VC
Audley Capital Management, the asset management group, has increased its stake in Gaming VC Holdings, the Germany-facing Internet gambling operator, to 6.9 million shares from 3.53 million. The purchase, placed through the Audley European Opportunities Master Fund, takes Audley's shareholding to just above the 22-percent threshold required to gain voting rights.