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NetPlay TV returns to positive EBITDA in 2011; restructuring now complete

NetPlay TV returns to positive EBITDA in 2011; restructuring now complete

Gaming firm NetPlay TV (LON:NPT) says it has seen a 22 percent increase in active casino players in the first quarter of 2011 compared to Q4, 2010.

New casino customer sign-ups increased 15 percent in the first three months on Q4 last year, added the firm, which reported a strong start to this year, as it revealed its full-year results for 2010 (to 31 December).

Following major restructuring last year, now complete, the company revealed that in 2011 it had now returned to positive EBITDA.

In 2010, the AIM-listed firm posted an increase in revenue from recurring activities of 7.1 percent to £19.8 million compared to £18.5mln in 2009.

EBITDA saw a loss for the year of £2.78mln while revenue from casino was up 21.8 percent to £17.35 mln (2009: £14.24mln).

Charles Butler, chief executive, said today: "2010 was a challenging year, and the disappointing launch of the Bingo Stars show with all its associated costs had a significant negative impact on the group's performance.

He said the company had now "addressed the various aspects of the business which have led to the group's poor historic results" and having restructured, now had an understanding of the key drivers.

He added: "With 2010 behind us and a much reduced and stabilised cost base in place, we have already delivered a positive EBITDA to date in 2011 and remain confident that our revitalised strategy of providing converged live casino in regulated markets will prove successful and drive shareholder value in 2011 and beyond."

Running through the highlights of 2010, NetPlay said there had been a renewed focus on its core live casino business and added that it successfully launched the SuperCasino iPhone application.

All gaming operations were relocated to Alderney and the Supercasino.com platform was moved to Playtech Software Ltd.

Looking ahead, the firm commented that the computing market was being transformed with the mass introduction of smartphones and tablets such as the iPad, anticipated in time, to replace conventional PCs.

"For this reason we believe the company is uniquely positioned to capitalise on this trend by both offering iPhone and tablet based live casino gaming to its existing customer base plus targeting a whole new customer segment with direct customer acquisition.

"We will be launching our own iPad application by the end of the second quarter and expect this initiative to continue to drive new customers to the business and increase the length of customer retention," said the company.

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Netplay TV Plc Timeline

Article
February 02 2017
Article
September 13 2016
Newswire
January 14 2016

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