Partygaming trading in line ahead of relaunch

Revenue on continuing activities in the first half of 2008 rose 17% to us$ 254.8 million, bang in line with market expectations, from us$ 217.4 million a year earlier. Poker accounted for more than half of company revenue, rising 6% to us$ 153.9 million, due to higher yields.

Casino revenues surged 38% to us$ 89.9 million, driven by higher player numbers and yields. The small but fast growing bingo business is gaining traction, particularly in the UK, and saw revenues jump 82% to $2m. The sports betting book saw a strong increase in volume, pushing revenues up 36% to us$ 9 million.

Clean earnings before interest, tax, depreciation and amortization from continuing activities rose to us$ 64.9 million from us$ 36.9 million. The figures exclude reorganization income and costs and non-cash charges relating to share-based payments.

Trading since the end of the reporting period has been in line with management expectations except that the performance of the poker division has been slightly below expectations. “Our poker business continues to grow but is being held back by the continued competition from those sites that accept players from the US,” said Jim Ryan, Partygaming's CEO.

In the 8 weeks to 25 August, average gross daily revenue has been us$ 1.6 million. Average gross daily revenue for poker has been us$ 835,000 while for casino it has been us$ 694,100. Bingo revenue has been running at us$ 27,600 per day while the sports book's average gross win per day has been us$ 44,600.

The company has again refrained from declaring a dividend.