Brilliant Maiden Results From Asian Logic
BRILLIANT MAIDEN RESULTS FROM ASIAN LOGIC Recently-floated online and land-based gaming company turns in golden results Recently listed gambling group Asian Logic plc has produced an impressive set of maiden results that include a 210 percent growth in pre-tax profits and annual revenues up 95 percent. The company, which has a close association with online gambling software developer Playtech, reported pre-tax profits of $12.4 million, 210 percent up from the 2006 comparative of $4 million. Annual revenues rose 95 percent to $54.3 million (2006: $27.8 million) with average daily casino turnover up 67 percent to $6.2 million (2006: $3.7 million) Average daily poker rake and tournament fees soared 14 fold in 2007, and average net gaming revenue per day increased 57 percent from $92 243 in January to $145 249 in December. AsianLogic floated on the London AIM last December, raising GBP44.3 million and has since embarked on an energetic acquisition strategy that has seen it acquire the Asian Poker Tour, secure a licensing agreement with Philweb and achieve the rollout of two additional casinos and one poker room powered by Playtech. A statement from the company advised that current trading and outlook were positive and that further agreements were in progress to acquire a 25 percent stake in a long established European online gambling marketing firm; buy an Asian e-gaming operator and obtain a strategic stake in a quoted Asian gaming company with a view to developing a range of joint venture projects.