Party Gaming Posts First Half Earnings - 08-10-10

August 10 - Party Gaming, already in the news this month because of its massive deal signed with bwin, posted its first half numbers this week.

The group's revenues grew 30% thanks to excellent performances from its online casino and sports betting units.

Total revenue grew to €181.2 million (up from €139.9 million in the same time period in 2009).

The group showed solid progress in newly regulated markets such as France and Italy.

Poker performed poorly due to the World Cup and market competition.

"We delivered another robust financial performance in the first half and also made great progress in executing our strategy," said the Chief Executive Officer of Party Gaming, Jim Ryan. "While poker was impacted by the football World Cup and remained difficult from a competitive perspective, our other vehicles continued to perform strongly."

Summing up the first half, Ryan said: "Total revenue was up 30 percent and clean EBITDA from continuing operations was up 14 percent versus the prior year."

He said that clean EBITDA margins in the first half were slightly lower than expected due to the delayed launch of cash game poker in Italy "but we retain our previous full year guidance of approximately 28 percent, subject to the returns achieved on planned marketing spend in both France and Italy, where we are continuing to expand the share of our respective poker networks."

Ryan concluded: "Whilst the macroeconomic and competitive environments remain challenging, we remain confident about the Group's prospects for the rest of the year and beyond."

Read our Party Casino or Party Poker review.

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