PartyGaming revealed total revenue is up 15% in 2010 ahead of their merger with bwin being finalized.
The company’s latest reported results, before they become part of bwin.party digital entertainment, showed that total revenue year-on-year jumped from €310.1m to €357.1m ahead of the group’s shares trading from March 31.
CEO Jim Ryan said, “As our merger with bwin is set to complete on 31 March 2011, we are finalizing our plans to integrate both businesses as quickly as possible and remain confident about delivering the cost and revenue synergies we have already identified in line with the previously announced timetable, with the full €55 million per annum being delivered by 2013. We plan to provide a further update on our progress at the time of the half year results in August 2011.”
In terms of each individual part of the business, all the services offered saw revenue go up apart from one facet – poker.
This saw revenue decline from 2009’s €136.8m to €124.8m with no reason given for the decline. Meanwhile casino revenue rose to €151.4m from €136.3m to become the product that provided the company with the most revenue. Bingo more than doubled compared with 2009, revenue rising from a modest €22.8m to €51.4m. Lastly, sports betting went from €13.2m in 2009 to €20.8m last year.
Ryan added, “the group has continued to perform in-line with the Board’s expectations”
The company’s clean EBITDA from continuing operations had a modest increase from €93.8m to €100.4m and overall the results may have induced a yawn from some as they were just as predicted.