AsianLogic Limited, a diversified Asia-Pacific online and land-based gaming company, is pleased to announce its maiden preliminary results for the year ended 31 December 2007 and also provide a trading update for Q1 2008.
Financial Highlights
• Revenues for the year up 95% to US$54.3m (2006: US$27.8m)
• Other Revenues, including reseller commissions, of US$2.5m (2006: US$1.9m)
• Profit before tax and adjustment for share based awards up 210% to US$12.4m (2006: $4.0m )
• Average net gaming per day increased from US$92,243 in January to US$145,249 in December, a rise of 57%
• Adjusted earnings per share of 19.4 cents per share (2006: 6.37 cents)
Operational Highlights
• Successful AIM IPO in December 2007 raising £44.3m (before expenses)
• Since IPO:
Current Trading and Outlook
• Underlying business continues to grow strongly with progress across all divisions
• Q1 net profit US$4m, adjusted for share based awards of US$0.5m and including net profit from gaming operations of US$2.3m, up 10 fold from Q1 2007
• The Company has also entered into three additional agreements to
All transactions are currently in final stages of due diligence and if closed are expected to have a material impact on the Company's earnings, more details of these acquisitions will be provided once completed
• In the period commencing 1 January 2008 to 31 March 2008, average daily casino turnover increased from US$8.7 million to US$11.0 million, an increase of 26 per cent compared to the previous quarter's average
• Net gaming per day has increased from US$212,994 to US$243,069, an increase of 14% per cent
• Poker fees continue to grow quickly, with average daily rake and tournament fees combined showing monthly growth of 20%, equating to 81% higher than that recorded in Q4 2007
• The Company expects to launch a further two new casinos, four poker rooms and mobile casino gaming in Q2 2008
• Strong Balance Sheet, as at 31 March cash balances of US$82.4 million and investments of US$13.5 million
• Given the Company's weak share price the Board is considering whether it would be prudent for the Company to commence a buy back program of some of its issued shares
* The Company has today provided Q1 profit figures to update the market on current trading. The announcement of these figures however is a one off and will not be a recurring aspect of the Company's future preliminary results statements.
Tom Hall, Executive Vice Chairman, said:
"I am pleased to report a strong set of preliminary results for 2007. We have continued that progress in to Q1 2008 and have made an excellent start to the year with the underlying business growing fast and with progress across all divisions. The Directors are confident of achieving further growth in revenues and profitability in the current financial year.
"We continue to pursue our growth strategy, outlined at the IPO, and can today announce that AsianLogic very shortly expects to finish final due diligence and complete the acquisition of a 25% stake in a long established, leading European based e-gaming marketer. Furthermore, the Company also announces that it has entered into two additional agreements. The first to acquire a major Asian e-gaming operator and the second to acquire a strategic stake in a quoted Asian gaming company and to enter into various joint venture activities.
"These acquisitions are further evidence of our strategy to grow our customer
reach and appeal and reflects the strength of AsianLogic's market leading
presence in the Asia-Pacific region. The acquisitions will provide additional
opportunities to expand penetration of the AsianLogic brand and products into
Asia, one of the fastest growing markets for online and server based gaming."
NOTES TO EDITORS
AsianLogic is a leading online and land-based gaming company focusing on the Asia-Pacific markets. The Company owns and operates eight online casino brands and two online poker rooms as well as land-based sportsbook operations through its MegaSportsWorld brand. It is a specialist in Asia-specific games such as Mahjong, Cho-Da-Di, Do-Di-Zhu and 13 Card Poker.
The Company also maintains a corporate advisory team specialising in the gaming sector which is an active investor in gaming-related businesses as well as providing consultancy and analytical services. AsianLogic enjoys strong commercial relationships with leading gaming providers including Playtech, ID Games and LVS. Founded as ESL in 2002, AsianLogic employs over 300 employees, the majority of whom are based in the Philippines.
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