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Internet gaming giant Playtech plc has released its second quarter 2012 financial results, highlighting higher incomes and revenues.
Key financial indicators for the period ending June 30th, 2012 were:
Gross income up 82% to €88.1 million, (Q2/11: €48.4 million) and flat on Q1/12
Total revenues up 99% to €78.6 million, (Q2/11: €39.6 million) and up 5% on Q1/12
Revenue numbers when compared to the first quarter were:
Casino revenues up 36% to €37.1 million, (Q2/11: €27.3 million) and up 8% on Q1/12
Poker revenues down 12% to €4.4 million, (Q2/11: €5 million) and down 18% on Q1/12
Bingo revenues up 21% to €4.4 million, (Q2/11: €3.6 million) and up 1% on Q1/12
Videobet revenues up 36% to €2.8 million, (Q2/11: €2 million) and up 15% on Q1/12
Services revenues up 4% to €26.8 million on Q1/12
Share of profit in William Hill Online up 7% to €9.5 million, (Q2/11: €8.8 million) and down 29% from Q1/12 reflecting strong performance in Q1/12
PTTS purchase completed on 1 July 2011
Operational highlights for the second quarter were:
Gala Coral is progressing and the first two phases of its migration to the Playtech platform, including Gala Bingo and Gala Casino, completed successfully in July and are performing well
Playtech’s mobile strategy is progressing well with Paddy Power launching nine casino games in an integrated mobile solution
Playtech's iPoker network, hosted the live iPOPS event at the Gran Casino de Barcelona. The event is a series of tournaments with a total guaranteed prize of $1 million
The largest bingo network progressive jackpot promotion was completed in Q2/12 delivering a combined £2.5 million in prize money to players
Corporate highlights for the quarter were:
Playtech progressed to the Premium Listing segment of the Official List, and was admitted to trading on the London Stock Exchange's Main Market for listed securities on 2 July
The company announced the appointment of Andrew Thomas as a Non-executive Director and Chair of the Audit Committee on 19 June
PTTS met the conditions relating to the acceleration of the additional consideration of €140 million payable to Worldwide Online Enterprises Ltd
The company completed previously announced related party transactions for a social gaming software licensing agreement with Skywind Holdings, a lease agreement for GTS’s premises and an advisory agreement with Teddy Sagi on 12 June
January's Geneity acquisition continues to make good integration progress alongside strong performances from Mobenga and Ash Gaming
Acceleration of PTTS additional consideration PTTS’s continued strong performance in Q2,2012 and has triggered the accelerated payment mechanism of the entire additional consideration of €140 million. The acceleration has occurred by virtue of PTTS having achieved an annualised adjusted EBITDA in excess of €40 million by reference to its performance in H1,2012.
Speaking about his company's performance, Playtech CEO Mor Weizer said:
“First half performance for 2012 has been very encouraging and all products, with the exception of poker, have achieved strong year-on-year growth. I am also particularly pleased that Playtech achieved a Premium Listing on 2 July, which marks the Company’s exceptional progress since listing on AIM in 2006.”
“The services division has delivered a very impressive performance and surpassed the accelerated payment threshold. This uniquely positions Playtech for future strategic revenue streams as markets continue to regulate. Although we anticipate a seasonal slowdown during the traditionally weaker summer months, I believe that the Company is well positioned to maintain the momentum into the rest of the year."