Poor Maiden Results from Devilfish
October 24, 2008 (InfoPowa News) — Devilfish Gaming plc, the London-listed online poker operation founded by British poker ace Dave "Devilfish" Ulliott, has reported poor maiden results but remains optimistic for the future following a switch to Entraction software.
Maiden results for the year ending June 2008 saw the company post a pre-tax loss of £424,414 on a gross turnover of £21,763. In a statement this week, the company said the loss reflected the significant expense of preparing for flotation on the London stock exchange and building the infrastructure for further growth.
On a more positive note, the statement noted that H.2 2008 had been more encouraging with average daily net gaming revenue rising from €455 to €1,512 by September 2008.
Highlights of the corporate year included admission to the PLUS market, a switch in software provider and network from UltimateBet to Entraction for Devilfishpoker.com and continued brand and marketing affiliate network development.
Paul Barnes, CEO, commented: "This has been an exciting year for Devilfish Gaming. Since listing on the PLUS market we have relaunched Devilfishpoker.com on the established Entraction network allowing us to target the U.K. and other markets. The Devilfish brand has helped strengthen our position as a multi-channel online gaming company.
"We look forward to adding online bingo to our offering later in 2008 with the option of a sportsbook gaming product in the future."
The company was incorporated on 16 October 2007, and on 12 November 2007 purchased 100 percent of the share capital of Devil Fish Poker Limited, a private company which was incorporated on 5 August 2005 and began trading in December 2005.
On 5 March 2008 the company issued 12,000,000 ordinary shares at 10p per share, raising £1.2 million before expenses. The Placing raised approximately £1.03 million net of expenses to be used to fund the existing business, and its expansion.
On 18 March 2008 the deal with Entraction was announced, providing Devilfish Gaming with two poker rooms as well as two online casinos offering a comprehensive range of popular gaming products. With Entraction's Malta licensing, Devilfish can gain access to U.K. advertising, one of its primary markets. The migration from UltimateBet network to Entraction was completed by May 19 2008 and has thus far resulted in significant increases in revenues.
Devilfish.com now offers more than 170 different Poker and Casino games including the most popular Poker game variations and tournaments, Caribbean Stud, several table games such as Roulette and Blackjack, as well as a wide variety of slots with progressive jackpot, giving the on-line gamer a wide range of product choice.
"We have also seen strong growth in new player registrations during this period," said a company spokesman. "We expect strong growth to continue for the foreseeable future, especially as some of our marketing and brand building activities are only now coming on stream."