LONDON, -- The Board of World Gaming plc (OTC BB: WGMGY, LSE: WGP), ("World Gaming"), whose subsidiary companies (the "Group) operate internet gaming sites and also license software offering a comprehensive suite of internet gaming products and services to operators, is pleased to announce the Group's first quarter results for the three months ended 31 March 2006.
Highlights - Three Months Ended 31 March 2006
- Operating profit before goodwill amortisation for the quarter of $6.1m compared to $0.8m for the first quarter of 2005.
- Growth in proforma gross profit of 40.1% to $10.5m.
- 19,360 new customers added in the quarter representing a 29% increase in new customers compared to the first quarter of 2005*.
- Two new licensees signed in the quarter.
- Pre-tax profit before goodwill amortisation for the quarter of $5.4m compared to $0.8m for the first quarter of 2005.
- Strong cross-sell with 32.7% of sports bettors expanding their play to casino gaming and poker products in the quarter.
*Assuming that the SPORTSBETTING.COM business had been owned throughout 2005 for comparative purposes.
World Gaming plc CEO, Daniel Moran said: "The first quarter of 2006 has demonstrated the value of our recently acquired SPORTSBETTING.COM brand, through both strength in key performance indicators and the significant earnings enhancement that this acquisition has delivered for shareholders. The Group, while continuing its integration of SPORTSBETTING.COM, continues to seek further acquisition opportunities both strategic in terms of geography or product and scalable as complementary to its existing strong operating business."
To view the full Q1 statement for the three months ended 31 March 2006 please visit - www.worldgaming.com