PartyGaming Plc, the Gibraltar-based e-gaming firm which owns the largest multi-player poker room on the internet, has announced the results of an operational review which has revealed a healthy financial performance.
According to the review, first announced in January, PartyGaming saw unaudited revenues of $602 million in 2004, deriving a profit before share option expenses of $391 million.
“The financial performance of PartyGaming is a clear reflection of the growth in the online gaming market and specifically online poker," observed Richard Segal, Chief Executive Officer of PartyGaming, according to Gibraltar news service, Panorama.
"PartyGaming was one of the earliest entrants into this global industry and the Group’s ongoing investment in its organisational and IT infrastructure, customer service, marketing and payment processing have created the foundation for the Group’s growth to date," he added.
PartyGaming has also announced two key appointments, with Michael Jackson, currently Chairman of Sage Group plc, joining the firm as non-executive Chairman and Brian Larcombe, formerly Chief Executive Officer of 3i Group plc, joining as non-executive Deputy Chairman.
Commenting on the appointments, Segal added: "Their credentials and reputations speak for themselves and the Group considers itself fortunate to have recruited such highly respected individuals."
PartyGaming is licensed and regulated by the Government of Gibraltar, where the Group has its headquarters. PartyPoker.com is the Group’s flagship brand, and accounts for the majority of the Group’s revenues.
A comprehensive report in our Intelligence Report series looking at conducting tax efficient e-business in Gibraltar is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report12.asp
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