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FunTech continues on the path to success with a 135 percent growth in revenues
Canadian-based Fun Technologies hailed its second quarter results this week as a sign of health in the skill-gaming sector, and announced yet another acquisition - that of UK-based free-play site Teagames.com.
The results showed a 135 percent increase in revenue from Q2 2005 to US$10 million (GBP 5.2 million). James Lanthier, chief operating officer at FunTech, said the companys focus on European expansion and recent acquisitions demonstrated continued growth.
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Our profits are up significantly in our games and sports group," Lanthier reported. "The results are accounted for by both organic growth on the skill gaming platform and revenue from synergising our two main areas.
Lanthier reminded reporters that FunTech acquired US-focused Fantasy Sports through its Skilljam subsidiary and signed deals with Lycos in Europe and Hasbro in North America (see previous InfoPowa bulletins). He said that skill gaming as a whole was gaining a higher profile through events and associations with other brands.
We have distribution partnerships with high-profile companies such as AOL and MSN, and we have the first-ever million dollar skill games championship, the World Wide Web Games, the final of which will soon be televised. It is a great awareness driver. We are focusing on games such as Hasbros Scrabble, because people have a strong affinity to playing games with familiar brands, Lanthier said.
FunTech subsidiary software firm Octopi contributed to second quarter profits and Lanthier was pleased with the interest in Funs new multiplayer role game Poxnora. Funs mobile offering had also tapped into a growing market, offering a different demographic to poker and casino sites, he said.
Commenting on Teagames as the most recent acquisition, he added: Free games are a very important part of any providers games offering and allows us to introduce paid-for games to the audience.
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