Gulf starts at Sheikh Adi-2 25/05/2012
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Netplay rolling ahead
Gambling concern NetPlay TV (NPT) has swung into the black in the six months to June with a profit of £370,000 (2010: loss of £9.8 million), helped by restructuring.
The AIM-quoted company, whose chief executive Charles Butler took over in a management reshuffle in November, saw first-half sales stay flat at £10.65 million, with net cash at £6 million. Butler has implemented several changes at the company, including the cancellation of a number of contracts.
He says it was 'the first period that we could show the effects of the restructuring', adding that the 'key driver' was NetPlay's casino business, which grew sales by 10.7 per cent to £9.8 million and increased the number of players from 31,338 to 35,689. On the restructuring, he says the swing into the black came about 'as we cancelled a number of loss-making contracts.'
Looking forward, he maintains the goal for the coming year is to focus on increasing the number of users on its iPhone/iPad casino applications with overseas opportunities identified in Italy and Spain. Closer to home, he says the aim for its UK operations is to 'look at both retaining and acquiring more customers.'
Following the results analysts at house broker Panmure Gordon have upgraded their forecasts. The broker is pencilling in pre-tax profits of £100,000 (for earnings of 0.14p a share) this year and profits of £1 million and earnings of 0.34p a share in 2012.
NetPlay has made some considerable progress of late under Butler ,who has steered the company away from many of its disastrous loss-making contracts. With plans for overseas growth, net cash of £6 million and having grown its casino operations, we upgrade the shares from hold to speculative buy at the current price of 8.75p.
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