Sweet And Sour In Netplay Tv Trading Update

Impacted by new gaming duties and taxes but cushioned by revenue from newly acquired Otherside

Interactive gaming firm NetPlay TV plc has posted full year 2015 results for the year ended December 31, 2015 reporting a decrease in net revenue despite a 14 percent increase in active depositing players.
Key performance indicators for period include:
– Net revenue of GBP 26.3 million (2014: GBP 27.4 million)
– Adjusted EBITDA of GBP 2.7 million (2014: GBP 3.6 million) after incurring betting and gaming duties of GBP 3.8 million (2014: GBP 0.5 million)
– Like-for-like adjusted EBITDA increased by GBP 1.8 million to GBP 2.5 million (2014: GBP 0.7 million)
– Profit and total comprehensive income of GBP 0.6 million (2014: Loss of GBP 0.1 million)
– Adjusted profit before tax of GBP 2.2 million (2014: 3.2m) resulting in an adjusted earnings per share of 0.76 pence per share (2014: 1.09 pence per share)
– 17 percent increase in new depositing players to 88,551 (2014: 75,687)
– 14 percent increase in active depositing players to 115,874 (2014: 101,532)
– Increased average revenue per active depositing player (casino-only brands) of GBP 328 (2014: GBP 316)
– Acquisition of digital marketing business Otherside contributed GBP 1.1 million net revenue and GBP 0.2 million towards adjusted EBITDA since the date of acquisition ()
"We have delivered significant strategic and operational progress in the year, resulting in adjusted EBITDA at the top end of market expectations," Bjarke Larsen, chief executive officer of NetPlay TV said. "We successfully navigated the impact of the UK Point of Consumption duty as a result of the initiatives implemented at the end of 2014 and positioned the company for future growth.
"Our synergistic acquisition of Otherside in August 2015 helped us to strengthen our capabilities and diversify the Group's revenues.
"NetPlay TV continues to have a very strong balance sheet and remains highly cash generative, giving the Board continued confidence that the Group is well positioned to pursue not just bolt on opportunities but also more transformational deals, taking advantage of the organic growth and M&A opportunities that lie ahead.
Company share prices lifted Monday on the back of a positive trading update for the first eleven weeks of the new fiscal year which reported a 26 percent increase in new depositing players, 16 percent increase in active depositing players and an 18 percent increase in total net revenue compared to the same period in 2015.

Online Casino News Courtesy of Infopowa