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Playtech reports significant profit increase for 2008

Releasing its 2008 full year results this week, online gambling software developer Playtech has reported a surge in profits, driven by strong growth in revenues. The company posted FY profit prior to taxation of €41.45 million, up from €26.83 million over the 2007 corresponding period.

Profit advanced 55% to €40.69 million from €26.3 million in FY 2007, with earnings per share well up at €17.3 cents compared with €11.7 cents in 2007.

Adjusted net profit surged 79% to €78.6 million from €43.9 million a year before, with adjusted earnings per share of €33.4 cents (2007: €19.5 cents).

Annual revenues soared 70% to €111.45 million (2007: €65.66 million) following strong organic growth of its existing licensees and the expansion of its portfolio through additional licensees.

Online casino revenues totaled €79.4 million, an increase of 68% on 2007's €47.4 million, and online poker revenues rose by €73% to €30.1 million (2007: €17.4 million).

Management advised that the first 11 weeks of 2009 had shown revenues up 2.3% on the 2008 average. The joint venture with the William Hill group was delivering an average daily income to Playtech about 40% greater than the daily average income the company generated from its former customer during the previous quarter.

Additionally, the group noted that it has finalised the terms of agreement for Gamenet S.P.A., owned by CRIGA, to join its standalone Italian online poker network.

Playtech remarked that its agreement with William Hill Online is on course to offer significant benefits to its earnings in 2009 and further strengthens its position.

The group also announced a major, exclusive multi-year licensing agreement with MGM interactive, Inc. to use all of its Rocky and Pink Panther motion picture brands. Playtech will be able to use these brands across all of its gaming products, including Internet casino, poker, bingo and on all of its platforms online, mobile and T.V., as well as on stand alone and server-based gaming terminals, via Videobet.

Playtech CEO Mor Weizer revealed that the company has acquired sports betting and betting exchange software from Player2Players. Under the terms of the agreement, Player2Players' software may be integrated into Playtech's existing platforms and would be available to Playtech licensees.

Weizer said two notable achievements defined an excellent year for the company: raising £112 million in June and the transaction with William Hill Online than flowed from it.

Source: InfoPowa News

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