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UK interactive television firm reports favourable trading and a move into profits
NetPlay's chairman Martin Higginson has announced plans for the launch of a new "Live Blackjack" program, together with 76 other Internet games at the interactive television company...and welcome news for investors that the company has moved into profit.
Higginson reported favourable early trading conditions for the first quarter of 2008 and revealed that "Live Blackjack" and the new Internet games would be in place by the end of the quarter. NetPlay TV stocks perked up following the news that the company moved into profit in the last two months of 2007, scoring a combined EBIT for November and December of over GBP 200 000.
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Starting in 2007, NetPlay set a number of goals in a new business strategy designed to focus on building a converged interactive gaming business. Management committed itself to:
* Reaching GBP 18 million in gross bets on NetPlay's Live Roulette channel (achieved in September 2007 at GBP 19.2 million)
* The relocation of operations into one centre (now at a new complex in Battersea)
* The successful launch of TV Bingo (beta launch achieved in July last year, with full operations online with an interactive live bingo show in November 2007)
* The expansion of rouletter offerings to embrace other games (the domain Supercasino.com acquired last November through which Live Blackjack will launch in Q1 2008, together with a range of 76 Internet games following the agreement signed with Parlay Entertainment in January 2008 (see previous InfoPowa report) The new games will enable visitors to play instant slot machines whilst gaming from the NetPlay website.
* Achievement of group profitability by the end of 2007 (in the last two months of 2007, the group has moved into profit, recording a combined EBIT for November and December in excess of GBP 200 000)
* Launch an Interactive mobile product ( "Quids In" launched in mid-2007 and today boasting over 50 000 regular players generating over GBP 200 000 per month in revenues.
"Our aim is to build on these solid foundations and continue to grow the business throughout 2008 and beyond," said Higginson. "The addition of 24/7 Internet bingo and slot games which will come into effect from 1 March 2008 will, we believe, enhance the consumer experience and therefore we believe the profitability of the business."
Higginson said that the company plans to integrate its interactive Mobile gaming product, 'Quids In' with its bingo offering by the end of Q1 2008.
Total investment over the past 13 months has been over GBP 2.55 million on the new operational complex, technical development and marketing, and NetPlay has acquired two businesses in Abstract Games Limited, the interactive print company, and Play Monday, the GBP 10 million SuperDraw business acquired from Chariot (UK) plc. This GBP 10 million draw now forms a successful part of NetPlay's live weekly bingo show.
The company has extended its reach on TV, adding both Virgin and Freeview to the existing access through Sky, giving entre to over 24 million TV-owning homes throughout the UK.
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