CES Software Plc (CES.L), which is in the process of changing its name to FUN Technologies, will begin trading its shares on the Alternative Investment Market of the London Stock Exchange under the new ticker symbol "FUN" on Wednesday. The company will also begin using a new logo that reflects the new name and the person-to-person nature of its products and services. A new Web site at www.funtechnologies.com is planned as well.
Increased Turnover for Viekkaus
Finland's lottery operator, Oy Viekkaus, reported €1.26 billion in turnover in the year 2004, an increase of €101.5 million (8.8 percent) over 2003's numbers. The company reported turnover growth in all of its product groups, with lotto games growing 8.5 percent to €493.5 million, skill games growing 14.2 percent to €328.7 million, instant games growing 1.8 percent to €146.9 million and other online games growing 7.1 percent to €291.7 million. Following a game reform in February, turnover for the company's fixed-odds betting products doubled to €97 million.
Sportech to Release Profit Report
Sportech Plc (SPO.L), owner of Littlewoods Gaming, expects to announce profits of around £9 million for the 2004 financial year. The company's soft gaming and betting divisions brought in combined revenues of £500 million, compared to £330.4 million in 2003. The majority of Sportech's profits come from football pools, which performed in line with expectations in 2004. Scratch-card revenues are expected to reach £1 million but will still generate an operating loss of £0.6 million. The loss is lower than the loss in 2003, but Sportech's board has decided to eliminate scratch cards by the end of the first half of 2005. The company also expects its betting division losses to be lower than they were in 2003. The division delivered EBITDA profitability in November and December, and full-year gross win will be 65 percent better than 2003, due largely to growth in casino, poker and telephone betting operations.
Weighing the Benefits of a Public Party
Gibraltar-based Party Gaming (previously iGlobalMedia) has appointed Dresdner Kleinwort Wasserstein and Investec Securities to advise the company on potential ways to continue the advancement of its business, such as through a public offering or through mergers. Analysts believe an initial public offering on the London Stock Exchange could net the PartyPoker.com operator between £2.3 billion and £3 billion, based on expected earnings totaling £300 million in 2005. The company reported earnings of £186 million last year. Party Gaming was established eight years as iGlobalMedia and launched PartyPoker.com--the world's largest Internet poker room (controlling about 50 percent of the market)--in 2001. News that the group is considering a float has fueled rumors that another private online gaming company, Cassava Enterprises (which happens to be located in the same building as Party Gaming), is also thinking of going public, although it has not yet appointed advisers.
GBGC Reports Major Gains for Gaming Worldwide
British firm Global Betting and Gaming Consultants, which tracks market data for the 50 largest specialist gambling companies in its GBGC 50 Index, announced that the combined market capitalization for the top 50 stocks shattered the US$100 billion market cap in 2004 for the very first time, rising over 81 percent over the year to reach $131 billion. The GBGC 50 weighted index increased by 24.4 percent, while the FTSE rose by 8 percent, the Dow rose by 10.7 percent and the Nasdaq rose by 0.1 percent. The findings are published in the third edition of GBGC's Global Gambling Report, Double or Quits.
Reports
England's largest casino operator, Stanley Leisure Organisation Plc (SLY.L), has reported £25.1 million in profit for the interim ended Oct. 31, 2004--an increase of 14 percent compared to the same period of the previous year. Turnover for the interim also improved by 28 percent to £964 million, while earnings per share rose by 15 percent to 13p and the interim dividend rose by 9 percent to 3p. The company has suffered a series of setbacks, however, including poor sporting results and heavy losses to a high roller, which prompted the company to issue a profit warning last month. The group has stated that its profits for the full year ending in April 2005 are not likely to beat the £41.8 million reported last year.
Stanley Leisure Organisation Plc - Annual Report