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STOCKS NEWS EUROPE-PartyGaming higher on robust Q2 trading

Thu Jul 9, 2009 4:12am EDT

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Shares in PartyGaming (PRTY.L) rise 2.1 percent after the online gaming firm says trading in the second quarter has been robust with revenues in line with the first quarter despite it being a traditionally quieter period.

The company says casino revenue has significantly increased from the previous quarter, driven by a substantial increase in the number of games being offered on its PartyCasino site.

Numis analyst Wyn Ellis reiterates his 'buy' recommendation and 297 pence target price, saying the performance was "solid" and gives "ground for optimism".

"Casino is developing in to a major success story and recent poker initiatives are getting traction. We are maintaining our forecasts at this stage but there are increasing grounds for optimism," he says.

To see PartyGaming's statement please click on [ID:nRnsI3735V]

Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net


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