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Playtech First Quarter Financials Show Strong Performance

Internet betting firm Playtech plc has released its first quarter 2013 financial results, noting higher revenues and an improved overall performance.

Key financial indicators for the period ending March 31st, 2013 were:

  • Gross income up 16% to €102.5 million (Q1/12: €88.4 million)

  • Total revenues up 16% to €87.5 million (Q1/12: €75.1 million) and 4% higher than the €83.9 million achieved in Q4/12

Quarter-on-quarter revenues were:

  • Casino revenues up 28% to €44.1 million (Q1/12: €34.5 million)

  • Services revenues up 2% to €26.3 million (Q1/12: €25.7 million)

  • Bingo revenues up 9% to €4.8 million (Q1/12: €4.4 million)

  • Sport revenues up 128% to €4.6 million (Q1/12: €2.0 million)

  • Poker revenues down 18% to €4.4 million (Q1/12: €5.3 million)

  • Videobet revenues down 2% to €2.4 million (Q1/12: €2.4 million)

  • Net cash (cash and cash equivalents, less bank borrowings) as at 31 March 2013 of €56.6 million (31 December 2012: €51.7 million)

Operational highlights for the period were:

  • Betfair commenced its migration onto the iPoker network with completion planned for July 2013

  • Betfred launched mobile casino and mobile live casino, marking the first step towards a full mobile offering planned to launch in 2014

  • Playtech launched its live gaming offering in Spain in partnership with Casino Gran Madrid

  • Sky launched mobile bingo app on Apple iOS

  • Playtech signed landmark agreements with Ladbrokes to provide full product suite and innovative marketing services from 1 May 2013

  • Betfair launched Playtech bingo

  • Paddy Power migrated its Live Casino to Playtech in April introducing new Paddy Power dedicated facility

  • Playtech's revenues come mainly from Europe (66%), and Asia Pacific (28% and rising)

Commenting on the financials Playtech CEO Mor Weizer said: "Playtech has made a strong start to 2013, delivering a robust quarterly performance driven by our flagship casino product, LIVE, and in particular mobile casino and Mobenga."

"Our landmark transaction with Ladbrokes, under which Playtech will provide its full product suite and marketing advisory services, clearly demonstrates Playtech's unique position. Ladbrokes is one of the largest and most respected brands in the betting and gaming industry, and we are very excited about the prospects for this venture and are committed to making it a great success."

"With the completion of the sale of our stake in William Hill Online, we are focused on exploring strategic alternatives that will enable us to continue the growth and development of the business, and in conjunction with this process are consulting shareholders with respect to potential returns."

“In view of the Company's performance during year to date, the Board is committed to paying an interim dividend at or above the level of that declared last year."

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