| Posted by: ian_go at June 17, 2005, 6:22 am | | Topic: Empire Online lists on LSE Forum: Winner Online |
Empire Online, the parent company of Empire Poker, has listed on the London Stock Exchange (LSE) with a aluation of US$0.93bn.
The listing on the LSE’s Alternative Investment Market (AIM) alues Empire at almost 25 times 2004 profits of US$37m, and raised US$225.25m including US$47.25m in working capital for the firm.
The new money raised will be used to fund an offline marketing drive in Europe and to explore potential acquisition targets.
Empire derives the majority of its revenues, 77% in the first quarter of 2005, from its Empire Poker website, with the remainder coming from casino marketing activities.
Empire Poker is the largest white-label site in the Party Poker network, however Empire said it would consider developing its own poker software in the future.
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