Gambling software developer Playtech has released its third quarter 2011 financial results, which were stronger than expected.
Reporting on his company's financial report, Playtech CEO Mor Weizer said: "Playtech's diverse revenue streams have delivered a strong performance over the traditionally quieter third quarter thanks to the launch of Italian cash poker and casino products, improvements in poker revenues following the change in the market structure after the suspension of one of the largest poker operators, and the continued strength of bingo and Videobet, where the UK roll-out has now completed."
"PTTS has been integrated exactly as planned and is performing well and primed to add significant value as we deliver new turnkey projects and JVs."
"New product launches have performed well and we are in discussions with a number of significant gaming businesses looking to utilise Playtech's market leading technology and services. The Company is also in discussions with potential joint venture partners in different regulated markets."
"Despite continued regulatory uncertainty in certain European markets, these results demonstrate the strength of Playtech's business giving us confidence for the full year. Playtech is positioned to establish itself as a leading supplier and a JV partner in different regulated jurisdictions and discussions are underway in regulated and soon to be regulated markets."
Key highlights from the company's third quarter ending September 30th were:
- Gross income totalled €70.1 million, (Q3/10: €41.3 million)
- Total revenues totalled €61.5 million, (Q3/10: €32.5 million)
Online gambling software and games developer Playtech plc released its Q3,2011 results this week, showcasing another strong performance with the promise of meeting expectations for the full year.
Excluding new services division - comprises revenues generated by PTTS, acquired on 1 July 2011, together with some non-material reclassification of services revenues from within 'Other Revenues':
- Gross income up 23% on Q3/10 and 5% above Q2/11 to €50.6 million
- Total revenues up 30% on Q3/10 and 7% above Q2/11 to €42.0 million
The breakdown of revenue streams shows:
- Casino revenues up 34% to €28.9 million, (Q3/10: €21.7 million) and up 6% on Q2/11
- Poker revenues down 2% to €5.6 million, (Q3/10: €5.7 million) but up 13% on Q2/11
- Bingo revenues up 24% to €3.8 million, (Q3/10: €3.1 million) and up 5% on Q2/11
- Videobet revenues totalled €2.2 million, (Q3/10: €500,000) and up 6% on Q2/11
- Services division provided revenue contribution of €19.5 million for the quarter
- Share of profit in William Hill Online down 2% to €8.6 million, (Q3/10: €8.8 million) down 3% from Q2/11
Playtech also updated its nine months year-to-date numbers:
- Gross income up 28% to €165.2 million, (2010: €129.2 million)
- Total revenues up 31% to €137.9 million, (2010: E uro 105.4 million)
Excluding services division and impact of French closure:
- Gross income up 20% to €145.3 million
- Total revenues up 22% to €118.0 million