Purple Lounge Revenues Grow as Company Raises CashOnline Poker Room and Casino, Purple Lounge, Sees Second Half Revenue Jump As Parent Company Raises £700,000 |
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Purple Lounge, the online poker and casino business purchased last year by Media Corporation, said revenue in the first two months of the second half of its financial year have “soared” to over £10 million – almost equal to its revenues for the entire first half of the financial period.
“During the current financial year there has been a material shift in the Group’s fortunes,” said chief executive Justin Drummond. “We have benefited from a strong performance by Purple Lounge and www.gambling.com has returned to number one in the Google rankings resulting in an increased flow of traffic to our site. We feel extremely positive and I look forward to providing further updates over the course of the year.”
Today the company, which is quoted on the Alternative Investment Market in London, raised £700,000 from the sale of shares which Drummond said it will use to drive growth and acquisition.
“The Group recently announced that cash balances were £2.3 million at March 31st 2010. The sale of the outstanding Treasury shares and the proceeds from the exercise of the warrants brings a further £0.7 million strengthening our cash resources further. These additional funds will be used to accelerate further growth and to fund future acquisitions,” explained Drummond.
In January 2010 the company raised £870,000.
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