28th Jun 2010 11:44
28 June 2010
PartyGaming Plc
Pre-close Trading Update On 6 July 2010
Change in Reporting Currency
PartyGaming Plc, the world's leading listed online gaming company, will announce a pre-close trading update on 6 July 2010.
Reflecting the fact that the Eurozone has become the predominant economic environment in which the Group's gaming companies operate based on the currencies with which players fund their accounts, as well as the expected opening of a number of newly regulated regimes in France, Italy and other Eurozone markets, the Group intends to change its functional currency from US dollars to Euros.
In line with International Accounting Standard 21 the change will take effect from the date the Group determined that the characteristics required to identify the functional currency had changed. The Group determined this occurred during 2010 and for accounting purposes, this is effective from 1 January 2010.
In addition, the Group will from this date change the reporting currency used for its financial statements of the Group and other reporting from US dollars to Euros.
All prior financial data will be converted using the exchange rate at 1 January 2010 of 1 US dollar = 0.695 Euros. An updated summary containing the Group's historic financial data in Euros up to and including the Q1 2010 Key Performance Indicators will be made available at www.partygaming.comon 6 July 2010.
The Group's interim results for the six months ended 30 June 2010 will be reported in Euros when they are announced on 6 August 2010. A separate notification containing details of the analyst presentation and simultaneous webcast and dial-in broadcast for the interim results announcement will be made in due course.
Contacts:
PartyGaming Plc |
+44 (0) 20 7337 0100 |
John Shepherd, Director of Corporate Communications |
|
Editor's Notes
About PartyGaming:
PartyGaming Plc is the world's leading listed online gaming company. The Group is a constituent of the FTSE 250 share index with its shares listed on The London Stock Exchange under the ticker: PRTY. In the year to 31 December 2009, PartyGaming's Continuing operations generated revenue of $446.2m and Clean EBITDA of $135.0m. PartyGaming's principal brands are www.PartyPoker.com, one of the world's largest online poker rooms, www.PartyCasino.com, the world's largest online casino, www.PartyBingo.com, www.PartyGammon.com, www.PartyBets.com, www.InterTrader.com, www.FoxyBingo.com, www.GetMinted.com, www.Gamebookers.com and www.WorldPokerTour.com. None of the Group's sites accept real money customers located in the US.
PartyGaming is regulated and licensed by the Government of Gibraltar and by the Alderney Gambling Control Commission and it is also certified as a responsible gaming operator by GamCare, the leading UK authority on the provision of advice, practical help, support and counselling in addressing the social impact of gambling. PartyGaming's shares are also a constituent member of the FTSE4Good Index Series, which enables investors to identify companies that meet globally recognised corporate responsibility standards. For more information, please visit www.partygaming.com.
Related Shares:
BPTY.L