Gulf starts at Sheikh Adi-2 25/05/2012
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Higher rolling at Netplay
AIM-quoted interactive gambling concern Netplay TV (NPT) has released a trading update in which it declares that full year results are likely to be in line with market expectations
The company announced that it experienced a 21.9 per cent increase in 'active casino players' in the first quarter of 2011 with 17,978 new casino players using its services. It added that that the year has 'started well' with the business 'confident that it will continue to deliver a solid performance for the full-year.'
In an interview with CEO Charles Butler he remarked that having taken the role since November 'The goal has been to refocus the business and create stablity within the cost base.' Adding that the company has been through a 'busy period of restructuring' he insisted the goal was to 'create longevity' in Netplay's business.
Looking forward he remarked the plan for Netplay is to 'look at growing through overseas regulated markets' with Butler keen to emphasise that the continued trend towards using smartphones for gambling is one the company has and will continue to benefit from.
Analysts at Panmure Gordon are forecasting a loss per share of 0.29p for the year to December 2011 with sales of £23.7 million pencilled in. In 2012 Panmure is forecasting the EPS to be flat with a five per cent increase in the revenue to £24.9 million expected.
Recommended by Growth Company Investor under previous CEO Martin Higginson as a sell by Growth Company Investor at 6.13p, new CEO Butler has brought about a number of changes to the company in an effort to revitalise its prospects with a particular emphasis on growing its share of the smartphone gambling market.
With a change in direction for the business and plans to grow overseas we upgrade the shares from sell to hold.
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