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Operating profit dips at PartyGaming

Operating profit dips at PartyGaming
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PartyGaming has seen its operating profit drop in the opening six months of 2009.

The online gambling company has posted a figure of $60.7 million (£37.2 million), a 6.5 per cent decline on the amount recorded in the same period last year, news that may interest those trading PartyGaming shares on the stock market.

Revenue declined 21 per cent to $201.3 million and earnings per share dropped to 9.7c.

The firm said that the drop in revenue matched market expectations and the operating profit figure was ahead of forecasts.

Chief executive officer Jim Ryan admitted that the first half of 2009 was "challenging".

However, he said that performance has picked up in the second half, with trading being "strong" in the three weeks to August 18th - the peak holiday season in many of its key markets.

Mr Ryan added that currency movements and the firm's cost reduction programme helped to mitigate the drop in operating profit.

At the end of trading in London yesterday, PartyGaming shares were priced at 266p.ADNFCR-1681-ID-19336658-ADNFCR