Playtech Releases Impressive Third Quarter Financials

Internet wagering software developer Playtech plc has released its financial results for the period ending September 30th, highlighting strong results company wide, save for online poker.

Key financial indicators for the period ending September 30th were:

• Profit share on its William Hill Online joint venture (WHO) is up 50% compared to the same period last year

• Gross income up 32% to €92.7 million, (Q3/2011: €70.1 million) and up 5% on Q2/2012

• Total revenues up 30% to €79.9 million, (Q3/2011: €61.5 million) and up 2% on Q2/2012

Quarter on Quarter results were:

• Casino revenues up 33% to €38.5 million, (Q3/2011: €28.9 million) and up 4% on Q2/2012

• Bingo revenues up 17% to €4.4 million, (Q3/2011: €3.8 million) and up 1% on Q2/2012

• Poker revenues down 27% to €4.1 million, (Q3/2011: €5.6 million) and down 6% on Q2/2012

• Videobet revenues up 33% to €2.9 million, (Q3/2011: €2.2 million) and up 4% on Q2/2012

• Services revenues up 38% to €26.9 million, (Q3/2011: €19.5 million) and up 1% on Q2/2012

• Share of profit in William Hill Online up 50% to €12.8 million, (Q3/2011: €8.6 million) and up 36% from Q2/2012

Commenting on the results, Playtech CEO Mor Weizer said: "Playtech has continued its strong performance into the third quarter, delivering impressive year-on-year growth across the business, in what is usually a seasonally quiet period. Encouraging progress has been made with significant licensee launches, new mobile solutions including the unique mobile hub and mobile bingo application. We anticipate the new poker liquidity programme will improve this part of the business, assisted by further licensee wins."

"PTTS, Mobenga and Ash Gaming continue to perform strongly and we expect the Services division to maintain its upward trajectory as opportunities in regulated and soon-to-be-regulated markets begin to develop."

"William Hill Online has once again exceeded expectations, proving to be a transformational partnership for William Hill and Playtech. Regardless of William Hill's as yet undetermined final decision on the call option we remain committed to our important relationship with William Hill and the continued success of WHO going forward."

"The positive trend experienced in the third quarter has continued into the fourth quarter. Given the expected contribution of new licensees launched, further expected legislation in regulated markets such as Italian slots, the introduction of new products including sports and mobile applications and the advanced discussions the Company has held with various significant licensees, we remain very confident and excited regarding the future prospects for the business for this year and beyond."