Strong first half results for Playtech


Performance enhanced by launch of new networks and recent licensee wins, and a move to the main list anticipated.

Online gambling software provider Playtech plc has announced strong first half 2010 results for the six months ended 30 June 2010.

Financial highlights include:

* Gross income* up 31 percent to Euro 87.9 million (2009: Euro 66.9 million)

* Adjusted EBITDA increased by 20 percent to Euro 54.2 million (2009: Euro 45.3 million) reflecting margin of 62 percent on gross income (2009: 68 percent)

* Total revenues up by 29 percent to Euro 72.9 million (2009: Euro 56.7 million)

* Net profit after tax of Euro 37.0 million (2009: Euro 32.5 million) an increase of 14 percent

* Cash generated from operating activities and sums received from William Hill totalled Euro 60.8 million (2009: Euro 37.4 million)

Operational achievements included:

* Strategic partnerships with Scientific Games and Sportech position Playtech for opportunities in newly regulating markets, including the US

* H1 launches of Italian bingo and French poker networks, increasing presence in key new regulated markets, along with the launch of Olympic Casino

* Major licensees on target to launch in H2 include Betfair flash casino (Q3), RAY in Finland (Q4); and in Q1 2011, Casino Gran Madrid.

* Acquisition of Virtue Fusion in February 2010 positions Playtech as a major b2b bingo network provider, with a pipeline of new licensee prospects in the UK and internationally

* Videobet achieves critical mass through partnership with Global Draw and new agreement with Ladbrokes for 7,600 machines

Corporate initiatives:

* Two new experienced non-executives appointed to the board of directors, and UK Corporate Governance Code compliant in terms of composition and independence introduced.

* Search for a new chief financial officer is at an advanced stage

* Preliminary preparations made for a move to London main stock exchange list.

Current trading:

Management reports that gross royalties are up 4 percent in August, with online casino contribution up over 5 percent and both poker and bingo in positive territory. As a result Playtech’s daily activity metrics have improved on those quoted in its Q2 KPI announcement.

“Daily activity for the first 55 days of Q3/10 is more than 12 percent ahead of Q3/09 on an absolute basis and more than 30 percent ahead of Q3/09 on a like for like basis excluding France,” management reported.

“Activity declined by 6 percent compared to Q2/10 on the same like for like basis reflecting the combined impact of the closing stages of the football World Cup and normal seasonal slowdown. On an absolute basis, including France, Q3/10 is 16 percent below the daily average of the previous quarter.

“With Betfair set to provide incremental casino revenues, the football season beginning and the holiday season drawing to a close, we expect to benefit from a further pickup in activity,” the report concludes.

Roger Withers, Non-executive Chairman, said: "We have enjoyed a strong trading performance in the first half. Regulatory change across Europe is transforming the market dynamics and opens up many new opportunities.

“Although the restrictions of the newly regulated French market will, as anticipated, impact revenues in the second half, we have a strong pipeline of new licensees which we expect to more than offset this in 2011 and help maintain our growth trajectory.”

General Gambling News Casino Software Gambling Law & Society News

Login to post a comment:


 
 

Click Here to register a new account
 
 

What's going on right now!

4mins ago someone from United States played Quick Hit Platinum

Casino Community

Share this page on:
Follow LCB on:
Follow LCB

Casino Of The Month

Casino of the Month

In the last 24h

Totals

  • New Members
    17
  • Members Online
    349
  • Guests
    1,972
Highest Community Rated Online Casinos
Vera John Casino
  (129 Ratings)
Jackpot Capital
  (96 Ratings)
Slotland
  (222 Ratings)
BetVictor Casino
  (125 Ratings)
Aladdins Gold Casino
  (138 Ratings)
Win A Day Casino
  (230 Ratings)
High Noon Casino
  (176 Ratings)
CasinoEuro
  (89 Ratings)
Slotastic
  (85 Ratings)
Omni Casino
  (156 Ratings)
Platinum Play Casino
  (76 Ratings)
GoWild Casino
  (226 Ratings)
Red Flush Casino
  (107 Ratings)
Party Casino
  (92 Ratings)
Maple Casino
  (73 Ratings)
Casino Action
  (171 Ratings)
Vegas Casino Online
  (133 Ratings)
Club Gold Casino
  (196 Ratings)
GoldenCherry Casino
  (247 Ratings)
La Riviera Casino
  (43 Ratings)
Zodiac Casino
  (68 Ratings)
Win Palace
  (190 Ratings)
Slots Plus
  (110 Ratings)
Casino Titan
  (144 Ratings)
Pamper Casino
  (249 Ratings)
AC Casino
  (186 Ratings)
Cool Cat Casino
  (189 Ratings)
Club Player Casino
  (138 Ratings)
Wild Vegas Casino
  (126 Ratings)
Prism Casino
  (104 Ratings)