REPORTING
In Praesepe's first full-year results, the land-based and online gaming operator posted revenue of £4.5 million and a gross profit of £2.5 million.
Formerly Aldgate Capital, the low-stake, high-volume gambling group saw an underlying earnings before interest, taxes, depreciation and amortization of £900,000 and a pre-tax group loss of £3.5 million.
"The past year was challenging for both the gaming industry and other
consumer-facing businesses -- with consumer confidence and spending habits under pressure," said Nick Harding, the company's chief executive, in the earnings statement.
"However, our experience is that during a recession people look for
better value for money entertainment," he added.
Mr. Harding said that Praesepe's business will likely be "resilient to downward pressure on consumer spending."
Praesepe's areas of interest include Adult Gaming Centres, Family Entertainment Centres, sports betting, bingo, online gaming and provincial casinos. Last December the London-listed company launched an online service, Cashinogaming.com, through a partnership with JackpotJoy.
Noted as an "area of disappointment" by Mr. Harding, the delayed review of United Kingdom gaming machine stakes and prizes kept Praesepe from rolling out new equipment for its Cashino brand last year. The company said it is looking towards an anticipated increase in "Category C" stakes and prizes expected in June, which could impact its revenues and profits.
JOINING
On Friday, PartyGaming said it has appointed Numis Securities Ltd. as a joint corporate broker. Numis will join Deutsche Bank, which is PartyGaming's other corporate broker.
The London-listed operator closed out the trading week on a high note at 231.25 pence.
CALLING ALL START-UPS
Know someone working to get a novel start-up off the ground? Have an innovative product yourself?
If so, Clarion Gaming wants your submission for the 2009 European iGaming Congress & Expo, or EiG, LaunchPad session.
Back by popular demand, LaunchPad will be one of the many highlights at EiG 2009, Sept. 15-17 in Copenhagen, Denmark. LaunchPad allows up to five start-ups to pitch ideas and innovative propositions to a panel of experts, investors and a room full of EiG attendees.
Clarion Gaming, organizers of EiG, are currently selecting start-ups to be included in this feature. To apply, you must meet the following criteria:
- have a new, out-of-the box product to demonstrate
- own a business less than three years old
- be seeking investment for further development
- be at an early stage in business development
For more information, contact Ewa Bakun at +44 (0)207- 370-8567 or e-mail ewa.bakun@clariongaming.com to be part of the LaunchPad and receive exposure at the biggest event in the gambling industry calendar.
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