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NetPlay TV shares lifted by positive trading update for full year

NetPlay TV shares lifted by positive trading update for full year

Shares in NetPlay TV PLC (LON:NPT) were lifted in morning deals following a positive trading update for the year to end-December 2010.

The interactive gaming company said that after tough trading in Q3 2010, followed by a successful placing in November, and a renewed focus on its core live casino product, the company had a strong end to the year, and full-year results are expected to be in line with expectations.

The stock moved up 5.9 percent to trade at 6.75 pence by midmorning.

Both fourth quarter customer deposits and casino net gaming revenue were up significantly in comparison to the third quarter. This increased sales performance combined with the restructuring of the cost base.

Following the release of the first real money casino app in the UK 'Apple app store' in August 2010, user numbers have been increasing significantly month on month. By the end of December, iPhone users accounted for over 10 percent of all cash players on the core Supercasino live roulette product.

In the fourth quarter, the initial period of the teleshopping trial on ITV1 ended, but following changes to the format and an improvement in performance, the company has agreed with ITV to continue to run Challenge Jackpot on a rolling monthly contract while further discussions take place.

The current year has started well and the board is confident that the strong trading performance achieved at the end of 2010 will continue in 2011 and that NetPlay will deliver a solid performance, in line with market expectations.

Chief executive Charles Butler said: “There is no doubt that 2010 was a tough year for NetPlay, however, after a successful placing (to raise £2.4 million) in November, a restructuring of the business, and a renewed focus on our core live casino product, we are pleased with the way the business is now performing.

“With the company on a stable footing, we very much look forward to driving forward our core live casino product offering increasing the marketing activity around our Supercasino brand and actively exploring opportunities to launch Supercasino in other territories.  We are particularly pleased with the uptake of our iPhone application."

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Netplay TV Plc Timeline

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February 02 2017
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September 13 2016
Newswire
January 14 2016

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