PartyGaming ‘may look at acquisitions’
PARTYGAMING, the London-listed owner of PartyPoker, the world’s largest internet poker site, hinted at acquisitions yesterday after it unveiled a sharp rise in revenues.
The group, which last month saw more than £2 billion wiped off its market value after warning of slowing growth rates, posted a 32 per cent rise in revenues to $220 million (£125 million).
It also pledged that it “remains comfortable� with market expectations for this year.
Shares in the group, which have more than halved in value since its float in June, gained 10 per cent — making it the biggest riser in the FTSE 100 — as investors regained confidence in the battered internet gaming sector.
Richard Segal, chief executive, said: “There has been a material uplift in performance across all of the group’s activities. In short, we have upped the ante.�
He also hinted that the group might look to acquisitions. “The IPO gave us acquisition currency and we have looked at a number of companies and we will continue to do so,� he said.
The market has speculated that Betfair, the betting exchange could be a possible target for the group.
Earlier this month PartyGaming announced plans to freeze out players of rival sites.
2005-10-22
