Devilfish Gaming Sees Revenue And Losses IncreaseOverall Revenue Up At Devilfish Gaming But Poker Revenue Falls And Losses Grow |
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Devilfish Gaming Plc, which announced the imminent sale of its Devilfish Poker subsidiary last month, today issued its financial results for the year ending June 30, 2010.
Turnover at the company was up 13 percent to £783,353 compared to £695,072 a year earlier.
Gross profit was £525,115 representing a margin of 67 percent before costs such as bonuses and marketing however overall losses at the company grew to £2.14 million, primarily as a result of an “impairment of goodwill” charge of £1.7 million.
Andrew Flitcroft, chief financial officer, said, "We continued to further reduce costs this year where practically able. However this also prevented the company from actively marketing the “Devilfish” brand and as a result of this and the competition in the market, revenues have declined during the period.
“Due to this and other factors we came to the decision that the correct strategy for the company was to dispose of the trading subsidiary, Devil Fish Poker Limited. The Board is confident that the sale process will complete shortly.”
The company will then be a non-trading company listed on London’s PLUS market and will actively seek acquisitions.
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