Business booms for Playtech

Playtech Limited, the international designer, developer and licensor of software for the online, mobile and land-based gaming industries, has released its financial results for the six months to the end of June showing a 31 percent year-on-year increase in gross income to €87.9 million.

The Isle Of Man-based firm stated that its adjusted earnings before interest, tax, depreciation and amortisation for the six-month period rose 20 percent year-on-year to €54.2 million and reflected a margin of 62 percent on gross income compared to 68 percent for the same period in 2009.

Playtech stated that its total revenues for the period were up 29 percent year-on-year to €72.9 million while its net profit after tax came in at €37 million, which was up from €32.5 million for the first six months of 2009.

The company revealed that it generated €60.8 million in cash from operating activities over the first six months of 2010, which compared to €37.4 million for the same period in 2009, while stating that August had seen gross royalties grow by more than four percent over July with ‘casino up over five percent and both poker and bingo in positive territory’.

“We have enjoyed a strong trading performance in the first half,” said Roger Withers, Non-Executive Chairman for Playtech.

“Regulatory change across Europe is transforming the market dynamics and opens up many new opportunities. Although the restrictions of the newly regulated French market will, as anticipated, impact revenues in the second half, we have a strong pipeline of new licensees that we expect to more than offset this in 2011 and help maintain our growth trajectory.

“Along with the appointment of two experienced non-executives in the first half, our continuing search for a new Chief Financial Officer is now at an advanced stage. We are also doing the work necessary for a move to the [London Stock Exchange’s] Main List.”