Thursday September 11,2014 : PRE-TAX PROFITS DOWN IN HALF YEAR RESULTS FOR NETPLAYTV
Charles Butler appointed non-executive chairman as Clive Jones steps down.
Directorate changes featured in the half year 2014 report posted by UK interactive gambling group NetPlayTV Thursday, which advised that chief executive Charles Butler will take over as non-executive chairman on the retirement of the present incumbent Clive Jones, with commercial director Bjarke Larsen temporarily assuming Butler's responsibilities as CEO.
Butler reported a more muted performance from the company, noting the following key performance indicators:
* 24 percent increase in new depositing players to 40,585 (H1 2013: 32,618)
* 29 percent increase in active depositing players to 62,356 (H1 2013: 48,218)
* Mobile and tablet now accounting for 36 percent of total net revenue and 39 percent of new depositing players (H1 2013: 28 percent of total net revenue and 34 percent of new depositing players)
* Net revenue of GBP 14.5 million (H1 2013: GBP 14.2 million)
* EBITDA down at GBP 2.2 million (H1 2013: GBP 2.7 million)
* Adjusted earnings per share down at 0.70 pence per share (H1 2013: 0.87 pence per share)
* Cash and cash equivalents, decreased to GBP 14.3 million y-o-y (H1 2013: GBP 14.9 million)
* Profit before tax well down at GBP 1.2 million (H1 2013: GBP 2.4 million)
* Nevertheless, a 22 percent increase in interim dividend to 0.22 pence per share (H1 2013: 0.18 pence per share)
Commenting on the start of the third quarter, Butler said that Q3 average daily net revenue is up 6 percent on the same period last year, and the company expects to produce full year results in line with market expectations.
Butler said the first half of 2014 has been one of adjustment for the sector as a whole and notwithstanding this, NetPlayTV had increased levels of both new depositing players and active depositing players.
"In addition, we are pleased to announce that due to the continued strong cash position of the Group, the Board is increasing the interim dividend payable to 0.22 pence per share. We have worked hard during the period in preparing the business for the six months ahead, ensuring it is well positioned post the impending legislative changes."