17th Oct 2014 08:07
LONDON (Alliance News) - NetPlay TV PLC shares dropped in early trade on Friday after the company said a high level of marketing spend will result in its full year results coming in below market expectations.
Shares in the interactive gaming company are down 27% to 7.25 pence in early trade, the worst performing stock on the AIM All-Share. The stock touched a new 52-week low of 6.80p at the open.
NetPlay TV said its marketing spend in the year so far has not translated into the targeted number of new customers and net revenue. Due to this, and the impending implementation of the point of consumption tax for the gambling market, it said its full-year results will be materially lower than market forecasts.
The company said it has conducted a review of its marketing spend and has developed a new strategy in order to resolve the issues it has faced.
The company said it saw a 21% rise in new depositing players in the third quarter to September 30, up to 18,853 from 15,566 a year earlier, while active depositing players increased 22% to 35,225 from 28,890.
By Sam Unsted; [email protected]; @SamUAtAlliance
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