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Playtech Limited has posted a 71% rise in full-year net profit and raised its dividend, as new licence agreements boosted its bottom line, and says it has made a good start to 2010. "Current trading is being driven by the group's investments in Italy, Spain, and Serbia over 2009," chief executive Mor Weizer told Dow Jones Newswires in an interview, adding the company has seen a stabilisation in the economy generally.
Publishing its full year results for the period ended December 31st 2009, the software company noted the following financial highlights:
The company has recommended a final dividend of 9.4 Euro cents a share, making an aggregate dividend for 2009 of 18.3 Euro cents per share (2008: 15 Euro cents per share - up 20.4%.
The company reported the following operational highlights:
Management reported that in current trading Playtech has enjoyed a strong start to 2010. Following the acquisition of Virtue Fusion, daily average revenues for the first quarter are projected to increase by over 18% compared with Q4,2009 based on the current run-rate.
To date, on a like-for-like basis, daily average revenues excluding the acquisition are up by over 8% compared to the already strong previous quarter, reflecting a recovery in activity across the Playtech licensee base. Encouragingly, all products are performing in line with or ahead of budget.
The company has invested considerably during 2009 - restructuring the business, entering new markets, acquiring new licensees and expanding its portfolio of new games.
Roger Withers, Non-executive chairman, said: "This has been another significant year of growth for Playtech. Excellent progress has been made both operationally and strategically.
"We have made good use of our substantial cash position to make a number of focused acquisitions and investments which should prove highly accretive in the medium to long term.
"Playtech is a growing profitable business with strong cash flows, high margins and an attractive dividend policy. Playtech continues to outperform the market and the Board looks forward to 2010 and beyond with great confidence."
Source: InfoPowa News