2nd of November 2010 Author: Natalie Stephanopoulos
Strong performance in business-wise quiet period of the year
This week, Playtech PLC announced its Q3 figures, which report of good performance in a period of year which is commonly considered to be rather still.
Highlights on operation and financial performance for the period up to Sept. 30, 2010:
- Gross income for the quarter up 30 percent to Euro 41.3 million (Q3/09: Euro 31.9 million)
- Total revenues up 17 percent to Euro 32.5 million (Q3/09: Euro 27.7 million)
- For the nine months to 30 September 2010, gross income up 31 percent to Euro 129.2 million (2009: Euro 98.8 million) and total revenues up 25 percent to Euro 105.4 million (2009: Euro 84.4 million)
- Excluding impact of France closure: gross income vs Q2/10 was up 1 percent, total revenues down 2 percent
- On absolute basis, gross income down 7 percent, total revenues 12 percent below Q2/10
In terms of the group's products, casino revenues grew by 17 percent to Euro 21.7 million (Q3/09: Euro 18.5 million) and dropped by 13 percent vs. Q2/10. Bingo income amounted to Euro 3.1 million, which is an 11-percent increase if compared to Q2/10, showing a strong growth from Virtue Fusion, which has been reinforced by the new Italian bingo network.
In regards to poker, the revenues reached a rather disappointing 30-percent drop, to Euro 5.7 million (Q3/09: Euro 8.2 million), which is by 21 percent lower than Q2/10. On the other hand, the profit share in William Hill Online went up 111 percent to Euro 8.8 million (Q3/09: Euro 4.2 million), up 15 percent from Q2/10.
Without the effect French closure had on the figures, casino revenues have dropped by 2 percent in Q3 vs Q2, and poker revenues went down 13 percent. In the first three quarters of the year, EBITDA expected to be not less than Euro 77.7 million.
It was presented in the company's trading update that daily activity for the first 31 days of Q4/10 (i.e. Oct. 2010) is more than 25 percent ahead of Q4/09 on a like for like basis (excluding France) and more than 12 percent ahead of Q4/09 on an absolute basis.
Activity in Q4/10 is over 7 percent above the daily average of the previous quarter.
- Betfair Casino performing strongly since launch of web-based format at the end of August
- Final launch preparations for Finnish monopoly, RAY, underway with launch in Q4
- French poker network launched at the end of June. Further licensees signed up and ready to launch in Q4 and beyond. Additional licensees in the process of obtaining regulatory approval
- Italian Bingo network growing well ahead of market, achieving market share in excess of 25 percent in September with additional licensees commencing in Q4
- Strong growth in Virtue Fusion bingo network, notable potential to expand European profile
- Videobet's Global Draw migration project progressing well; Ladbrokes gaming machine contract won by Global Draw in August will be deployed with Videobet platform early next year
- Playtech's strategic partner, Sportech plc, cleared as a gaming operator in New Jersey, Maine and Connecticut following detailed regulatory process.
Statement made by Playtech CEO Mor Weizer onn the KPI's:
“Gross income and total revenues for the quarter held up well over the traditionally quiet summer period, especially when excluding the impact of the closure of the French offshore market, which distorts the historic comparisons. After the seasonal slowdown and the aftermath of the World Cup, September as expected was a stronger month, and we see this positive trend continuing.”
“The recent launches of Betfair casino and our Italian Bingo licensees have performed very well from soon after launch, and will be joined by RAY in the coming months. I am also encouraged by discussions with a number of notable operators which should deliver a strong pipeline across the product range. We are making progress with work streams focused on the move to the main list and the appointment of a new CFO.”
“We are encouraged by current trading and remain confident that the Company will meet its expectations for 2010.
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