Lack-lustre gaming results from Media Corp

Media and online gaming company Media Corporation Plc presented its third quarter trading update this week.
The company reported good growth in revenues from its media division, Eyeconomy but declining results from its online gaming arm, Purple Lounge in its third fiscal quarter.
Q3 2011 Key Performance Indicators include:
–     Group Revenues of GBP 11.4 million (Q3/2010: GBP 11.8 million)
–     Eyeconomy revenues of GBP 1.9 million (Q3/2010: GBP 0.7 million)
–     Purple Lounge revenues of GBP 9.5 million (Q3/2010: GBP 11.0 million)
Year to June 30 2011 :
–     Group Revenues of GBP 24.7 million (2010: GBP 21.7 million)
–     Eyeconomy revenues of GBP 5.1 million (2010: GBP 2.6 million)
–     Purple Lounge revenues of GBP 19.5 million (2010: GBP 18.8 million)
–     Cash of GBP 2.6 million as at 30th June 2011
The group divulged that the sale of Sport.co.uk brought in GBP 200 000 to the companies coffers while Purple Lounge now has 115 000 registered customers of which 4 500 were acquired  during the three month period under review.
Justin Drummond, CEO, Media Corporation, said :”This is another very positive performance for the first three months of the second half of the financial year.
“Purple Lounge has had another good quarter against industry wide declines in online poker revenue. The group is continuing to successfully test a number of innovative online marketing techniques which the Directors believe will significantly increase customer signups, active players and revenues in the coming months.
“The Board remains positive about the outlook for the year and we look forward to providing further updates in the near future.”

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