Following their 2010 results announcement, NetPlay TV has been lavished with praise. House broker Panmure Gordon described the firm as being, “on a much more improved trajectory,” after their results were reported earlier today. That might have been a bit strong though. Revenues at the company leapt by 7.1% to £19.8m with casino revenue contributing 17.4m to this. Although the firm’s total loss increase from £10m in 2009 to £13.7m last year and bingo revenue fell 45% to £2.5m thanks to a decrease in players.
CEO Charles Butler explained that the company will attempt to take advantage of the current mobile growth by launching an iPad app by the end of June. He also explained that the company’s business model would be based upon a “converged live casino gaming experience whether at home or on the move.”
As for the first part of 2011, Butler confirmed that it has already seen a 15% increase in casino players in the first period of the year with active casino customers increasing by 22%. Butler said, “These encouraging key performance indicators (KPI), combined with a restructured management team and a successful cost restructuring, have seen the group return to positive EBITDA and underpin the board’s confidence in the outlook for the current year,” he added.
In addition to their earlier praise of the TV gaming specialists, Panmure Gordon also reiterated their hold recommendation on shares and nine pence target for the company’s shares.
On a day where staff announcements have been the norm, Atronic has itself announced a new appointment. Matjaz Petek will be the company’s new Gaming Operations Manager for the Europe, Middle East and Africa (EMEA) region. His role will involve developing solutions to support their customers’ needs and also offer greater financial stability.
Senior Director Sakis Isaakidis, said, “We believe Matjaz’s gaming industry experience in the Balkan region will invaluable to our customers in these very important markets. We’re confident that his knowledge and experience, combined with our flexible financing options, will greatly enhance our customers’ gaming programs.”
With 18 years of gaming industry experience across Europe, Petek will be based in Slovenia and Austria.
