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Online gambling software developer Playtech plc has released its 2011 year end financial results, highlighting an exceptional year of higher revenues.
Key financial indicators for the year ending December 31st, 2011 were:
Gross income* up 41% to Eruo 243.6 million (2010: €173.1 million)
Total revenues up by 46% to €207.5 million (2010: €142.3 million)
Adjusted EBITDA increased by 22% to €125.5 million (2010: €103.1 million)
Adjusted net profit increased by 21% to €112.8 million (2010: €93.2 million)
Net cash balances at year end of €137.3 million (2010: €68.5 million) following a £100 million fundraising in December, providing new capital to support joint ventures in newly regulated markets, and funding of targeted acquisitions
Recommended combined interim and final dividend for 2011 of 16.5 cents per share
Operational highlights for the year were:
Playtech’s Services business is performing ahead of expectations since the acquisition of PTTS in July, which has also been fundamental in securing two joint venture agreements announced in January 2012
Four technology acquisitions since January 2011 are all performing strongly: Intelligent Gaming, Mobenga, Ash Gaming and Geneity.
The company enjoyed a successful launch of Italian cash poker and casino products, and preparation for the Spanish regulated market is well advanced
Establishment of new development capability in Kiev has progressed well
Playtech's management also commented on the company's move to become a Premium Listing on the London Stock Exchange.
"The company and its advisers have undertaken a significant amount of work to prepare for a main market admission and expect to make the move as soon as possible." Company Non-Executive Chairman Roger Withers said.
"These are really exciting times for Playtech which has once again delivered an excellent set of financial results, and has consolidated its position as the clear market leader in the provision of software and services to the online gaming industry."
“It has developed its product and service offering to encompass all aspects of online gaming, including a full suite of products, cutting edge management systems, integration with land-based operations and the marketing and other operational skills that enable operators to get the most out of their online businesses.
“Playtech has continued to focus on regulated markets with organic development and targeted acquisitions that will ensure it can take best advantage of the opportunities created by the structural changes underway across the worldwide gaming industry.
"The company’s strategy will centre on developing three key elements: products and services, turnkey solutions, and joint ventures to maximise the potential for revenue growth and market share in newly-regulating markets, regardless of how each jurisdiction chooses to regulate.”
"David Mathewson,Playtech’s chief financial officer was appointed to the board of directors in May 2011. As a dynamic non-executive director he fully engaged with the business and since moving to the executive team has become a key contributor to both financial management and external relationships.”
The full financial report can be read at: http://production.investis.com/playtech_tools/rns/rnsitem?id=19957456