Internet betting firm Playtech has announced its first quarter 2014 financial results, noting strong growth with online casino revenues up 25.6% for the period.
Key financial indicators for the quarter ending March 31st, 2014 were:
Online casino revenues up 25.6 percent at Euro 55 million (Q1-2013: Euro 44.1 million)
Services up 12.9 percent at 29.7 million (Q1-2013 Euro 26.3 million)
Online bingo down 16.7 percent at Euro 4 million (Q1-2013: Euro 4.8 million)
Online sports up 21.7 percent at Euro 5.6 million (Q1-2013 Euro 4.6 million)
Online Poker down 13.6 percent at Euro 3.8 million (Q1-2013 Euro 4.4 million)
Land-based activity up 17.4 percent at Euro 2.8 million (Q1-2013 Euro 2.4 million).
Revenues came mainly from Europe (58 percent) and Asia (33 percent).
Cash and cash equivalents of Euro 375.8 million following distribution of GBP 100 million special dividend and GBP 40 million for the establishment of an employee benefit trust.
Corporate highlights for the period were:
Completion of full roll-out of unique multi-channel solution to Coral betting shops
Completion of Ladbrokes's migration to Playtech's full product suite followed by transition to Playtech's IMS as the infrastructure for its entire betting and gaming operations
Significant advances made in mobile products encompassing tablets and smartphones, notably introduction of native applications
Genting selected IGS casino management for all UK casinos
Gala interactive launched in Sweden
Launch of unique tablet user interface with Gala Coral Bingo
New Live Casino product launched including unique features to enrich player experience
Commenting on his company's performance Playtech CEO Mor Weizer said: "Playtech has made a strong start to 2014. The company's diverse licensee base has delivered a robust performance driven by our flagship casino, live casino, sport betting and mobile products."
"Over the first quarter we focused on operational progress in key areas that are an inherent part of our growth strategy; improving our casino and live offering, IMS and single wallet and sports betting capabilities. Our leading position in the mobile space has been bolstered by the launch of new products, including a number of innovative games along with poker and bingo designed specifically for tablets and smartphones."
"The two most significant achievements of the quarter were the completion of the roll out of our multi-channel solution to Coral retail outlets and the migration of the entire Ladbrokes online gaming offer onto the Playtech platform. This was followed by the significant milestone of Ladbrokes adopting our IMS as the infrastructure for its entire betting and gaming operations."
"Looking ahead, the Board remains confident regarding the continuing growth prospects for the company."