Party Shares Drop 20%

[daveymck]

Probably just screwed 888 with this news before their float.

Party Shares Drop Full Article

Shares in Partygaming, which operates the world's largest online poker site, have fallen more than 20% after it warned future market growth could slow.
The firm, which listed in London in June, said revenues rose 80% in the six months to 30 June to $437.4m (£237.7m), from $241.5m a year ago.

Profits rose to $186.3m from $146.6m a year ago, but the Party Poker owner said growth in revenues could slow.

Partygaming's shares fell 35.25 pence, or 22%, to 121.50p early on Tuesday.

In its first results statement since its flotation, the company said revenues from its core poker business had increased 89% to $412m.

The firm said it continued to attract more players from outside the US and that its current trading was in line with expectations.

But it warned of a slowdown in its current rate of growth in the future.

"Whilst the online gaming market and poker in particular continues to show strong year on year growth, the rate of growth is continuing to moderate," said chief executive Richard Segal.

"As it does so, the group will continue to adapt its marketing strategy and infrastructure to provide greater focus on customer retention and player value."