PartyGaming makes progress - March 2010

Although PartyGaming saw revenues and underlying cash profits slip 6 per cent to $135m (£90m) in 2009, chief executive Jim Ryan said he was pleased with the overall "resilient" performance of the business in what was an extremely challenging year for the online gaming industry. "The sector has not lived through a recession before," said Mr Ryan.

He pointed out that revenue climbed 17 per cent in the final quarter after slumping in the first half of the year, and this trading improvement had continued into 2010.

"We're moving into the year very optimistic on our prospects," he said, adding that all four of the group's divisions were growing again, including poker which saw revenue slip 28 per cent to $197m over the year as a whole. Having relaunched its poker product in September 2008 and bought competition organiser World Poker Tour, Mr Ryan said the group is now targeting expansion of its poker network in Europe, taking advantage of what he described as exciting regulatory developments there. "New regulated markets are coming - Italy, France, Denmark and hopefully Spain - in the not too distant future," he said.

And while Mr Ryan said PartyGaming remained a European-focused business, it hasn't given up hope of a return to the US, either, with signs that its government may be planning to soften its anti-gambling stance. "We're sowing the seeds and planting trees preparing ourself for re-entry. If and when it regulates, we'll be there," he said. For now, PartyGaming has agreed a $105m non-prosecution agreement with the US Department of Justice, paving the way for it to lead consolidation of the fragmented online gambling industry. Having bought the UK's number one online bingo business, Cashcade, for £71.9m in July, the group is believed to be in talks over a tie-up with Austrian giant Bwin.

Broker Execution Noble expects underlying pre-tax profits of $109m and EPS of 23.1¢ a share this year.

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