Playtech Float Raises £265.2 Million
I-gaming software company Playtech (PTEC.L) raised approximately £265.2 million through the placing of 103,142,66 shares on the Alternative Investments Market of the London Stock Exchange at 257 pence each. The ordinary shares represent about 48 percent of the company, which is valued at approximately £548 million now trades under the ticker symbol "PTEC.L." Shares rose 7 percent on March 28 (the first day of trading) to reach 247p. Collins Stewart and Seymour Pierce acted as joint brokers of the float, and Collins Stewart also acted as nominated advisor and sole bookrunner.
Betfair, Spreadex Among UK's Fastest Growing Private Firms
I pair of I-gaming companies have made the seventh annual Sunday Times PricewaterhouseCoopers Profit Track 100, featuring Britian's top 100 private companies with the fastest growing profits over a three-year period. Ranking in at No. 4 on the list is online betting exchange Betfair, whose profit growth percentage rose 146 percent from £1.6 million in 2002 to £23 million in 2005. Spread betting operator Spreadex also broke into the list at No. 34, with profit growth of 79 percent from £1.1 million in 2003 to £6.1 million in 2005. The list was published on Monday.
Reporting
"2005 represented a year of 'Business Fast Forward' for NETeller," commented NETeller Plc (NLR.L) 's President and CEO upon the announcement of his company's preliminary results for the year ended Dec. 31, 2005. The online money transfer business's rapid growth continued all across the board in 2005, and it logged record performances in revenue at US$172.1 million (a 108 percent improvement over 2004's $82.6 million), profit at $95.1 million (a 177 percent improvement over 2004's $33 million), average daily signups at 2,930 (a 61 percent improvement over 2004's 1,821), and average daily receipts at $3.44 million (a 90 percent improvement over 2004's $1.81 million). NETeller signed up its 2.5 millionth customer during the first quarter of 2006, and the company says its geographic expansion is proceeding with localized products in North America and Europe and that the implementation of its next generation platform and migration is substantially complete.
NETeller's strategy for 2006 is to deepen by re-focusing on merchants and customers by offering compelling value through the introduction of innovative new offerings and to become a truly global business with localized products and services in five new European and Asian markets.
NETeller Plc (NLR.L) - Year-End Report
British online gambling and sports content company Ukbetting Plc (UKB.L) has revealed a record turnover figure of £119 million (a 39 percent improvement over 2004's £86 million) for its full year ended Dec. 31, 2005. The company has also reported profit before tax and goodwill of £0.4 million (loss of £2.6 million in 2004) and gross profit of £22.4 million (18 percent improvement over 2004's £19 million).
As did many sports books around the world, Ukbetting experienced disappointing sports betting results during the period, with division contributing the same level of gross win as it did last year despite significantly increased turnover. The casino and poker divisions performed well, however, with poker revenues improving by 78 percent and and casino revenues improving by 66 percent.
Chairman Peter Dubens said the company Ukbetting restructured its sports betting division in the beginning of '06 with a view to improving its profitability through a combination of margin improvement and reduced costs. Dubens expects the company's business model, which boasts a sports content network that drives more than 60 percent of its customers to its gambling sites, to increase in value as the company continues to rebuild its main content sites incorporating more advertising formats.
Ukbetting Plc (UKB.L) - Year-End Report
Online gambling firm Leisure & Gaming Plc (LNG.L), operator of VIPsports, VIPcasino, BetGameDay, BetEuro and others, has reported its preliminary financial results for fiscal 2005, showing proforma pretax profit of US$13.2 million on a total net win of $80.9 million. Although LNG was hit like all the other books by an adverse NFL season, it managed a net sports book win of $34.9 million at a net margin of 6.2 percent. Meanwhile net win from casino gaming came to $44.9 million, and net gaming from poker came to $1.1 million. Profit before tax reached $13.2 million.
LNG's net win since the start of 2006 is up 28 percent, with revenues from casino up by 26 percent, revenues from sports betting up 25 percent and revenue from poker up "dramatically," according to CEO Alistair Assheton. "We are now doing $200,000 monthly rake and it will continue growing," Assheton told eGaming Review. "The opportunities to integrate the VIP and Nine brands are promising and we will be looking to increase liquidity in both rooms and dedicated management to the product. We expect revenues and cross-selling opportunities to increase soon."
LNG acquired Nine, English Harbour and Stanley Entertainment in 2005, and Assheton makes no effort to conceal the fact that his company is on the mergers and acquisitions trail. LNG recently agreed to a new $20 million bank facility with Barclays to use for acquisitions.
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Sportech Plc (SPO.L), operator of the Littlewoods brand of gaming, has delivered its preliminary results for the 52 weeks ended Jan. 6, 2006. The group's turnover fell to £490.8 million from £497 million in 2004, and losses after restructuring but before tax were £6.4 million, compared to a profit of £8.2 million in 2004.
The preliminary results come on the heels of Sportech's announcement in January that it had terminated a seven-year contract with ITV that had enabled it to offer betting on ITV's interactive television channel. New CEO Ian Penrose, who was hired in October, shook up the company's board in January and made further appointments this week, naming Steven Cunliffe finance director and secretary of the company. Cunliffe previously worked for Hemway Limited, Herald Inns and Bars and the Manchester division of Barratt Holmes.
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Online gaming firm World Gaming Plc (WGP.L) has released its financial report for 2005, revealing a fall in pre-tax profits to $5.7 million from last year's $17.4 million. Meanwhile, turnover skyrocketed, improving to $106 million over last year's $16 million. World Gaming now has an operating division, following the purchase of its largest licensee, Sportsbetting.com, in October.
World Gaming Plc (WGP.L) - Year-End Report