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Internet wagering giant Playtech plc has released its full year 2012 financial results, noting large increases in gross revenues and company income for the year.
Key financial indicators for the period ending December 31st, 2012 were:
Gross income up by 51% to €368.1 million (2011: €243.6 million)
Total revenues up by 53% to €317.5 million (2011: €207.5 million)
Adjusted EBITDA up by 49% to €186.7 million (2011: €124.9 million)
Adjusted net profit up by 49% to €168.5 million (2011: €112.8 million)
Adjusted basic EPS up by 26% to 58.1 Euro cents per share (2011: 46.2 Euro cents per share)
Cash balances at year end of €120.9 million (2011: €164.8 million), net cash at year end of €51.7 million (2011: €137.3 million)
Recommended final dividend of 15.4 Euro cents per share, giving a total 2012 dividend of 23.2 Euro cents per share (2011: 16.5 Euro cents per share), up 41%.
Company highlights for the year were:
Playtech entered the FTSE 250 in September after achieving a Main Market listing in July
Gala Coral project has been successfully completed, including Gala Casino, Gala Bingo and mobile sports betting, all powered by Playtech's integrated management system - IMS
Playtech first to introduce slot games in Italy following new regulation in Q4,2012
Betclic and Everest poker products launched on the iPoker.fr and iPoker.com networks
Betfair commenced migration onto the iPoker network with completion planned for July 2013
Playtech launches its unique mobile hub combining mobile sports betting and gaming products with a variety of licensees
Betfred and Paddy Power launched mobile casino initially including a selection of 20 table and slot games, marking the first step towards a full mobile offering planned to launch later in 2013
Playtech launched first two sports betting licensees following the acquisition of Geneity in Q1,2012
Commenting on the results Playtech Non-Executive Chairman Roger Withers said: "The year ending 31 December 2012 was an exceptional period in the continued development of Playtech. The company delivered another impressive financial performance and passed a number of significant corporate and operational milestones, strengthening its position as the clear market leader in the provision of software and services to the global gaming industry."
"Notably, the company achieved a Premium Listing on London's Main Market, reflecting both the short-term effort needed to make the progression and the longer term determination to comply with the responsibilities associated with a Premium Listing. Pleasingly, Playtech was included in the FTSE 250 Index in September and has, since inclusion, moved up approximately 30 places. The move provided greater visibility for the company, improved market liquidity and affords wider recognition of Playtech's strengths and consistent strong financial performance."
"In summary, Playtech has had another excellent year, incorporating some of its most significant achievements to date. Playtech continues to capitalise on its clear strategy and strong balance sheet. The Board is highly confident of the company's prospects in 2013 and beyond."
Company CEO Mor Weizer added: "The company has the operational capacity to stimulate future growth, specifically in mobile gaming, which enjoyed a triple digit percentage performance increase."
"In order to maintain its high level of customer service, Playtech invested in new product development related to the mobile hub, IMS and player portal, enabling operators to create a bespoke player experience, and grew its employee base by 62% to support the business and its customers."