AsianLogic plc – the Asian-facing UK-listed company has delivered sterling first half 2008 results, particularly from its activities in the online and land casino arena.
The company reported total revenues up 208 percent to US$54.9 million, (H1 2007: US$17.8 million) on the back of continued strong growth of its casino component and several key acquisitions.
Profit before tax was up 155 percent to US$7.05 million (H1 2007: US$2.76 million.)
Revenues from both online and land-based casino gaming were especially impressive and made a major contribution, rising 184 percent to US$47.7 mllion (H1 2007: US$16.7 million), while average daily casino turnover rose 180 percent to US$12.9 million. Poker turnover was up a startling 760 percent to US$2.6 million, while the reseller commissions making up the bulk of the rest of the group’s income, notably as agent for software provider Playtech throughout Asia, stood at US$2.7 million (H1 2007:US$1 million).
The company continued to pursue a policy of investment in the Asian poker market, which it said it believed offered significant potential for growth – with the acquisition of the Asian Poker Tour (APT) in February 2008 and the opening of the AsianLogic's first land-based poker room, Galaxy StarWorld, in Macau on August 1.
The company also launched three new gaming websites in the first half of 2008, and entered into a strategic agreement with Philippine land-based sportsbook company Leisure Resorts and World Corporation (LRWC). It acquired a significant US$3.4 million minority stake in a European-based gaming solutions provider.
Tom Hall, chief executive of AsianLogic, said: “We are adapting to and driving market trends through the expansion of our Poker and P2P business and foresee that acquisitions such as the Asian Poker Tour and its successful roll out will continue to raise the profile of this renowned card game and benefit AsianLogic’s shareholders. This has assisted in rapidly growing higher margin “retail” side of the business, where we directly target the gaming end user, as a counterpart to the provision of services to third party marketing partners where the business originated.”
Looking ahead, the company said it anticipated the launch of its global gaming fund in the next 120 days. The company added that it expected a full roll-out of play-for-real money Asian games in the fourth quarter of 2008, following a successful “soft” launch earlier this year.
Work continues with a range of high-profile European online gaming software providers seeking access to the Asian market.