Quarterly revenues increase for Playtech

Playtech Limited, the international designer, developer and licensor of software for the online, mobile and land-based gaming industries, has released a trading update for the second quarter of 2010 showing a 34 percent year-on-year rise in gross income to €44.5 million.

The Isle Of Man-based firm stated that its gross income for the second quarter had risen two percent when compared to the first three months of 2010 while takings from its casino activities increased 34 percent year-on-year to €24.9 million, which was three percent higher than the previous reporting period.

Playtech revealed that its total revenues for the second quarter of 2010 rose 32 percent year-on-year and two percent on the previous three months to €36.8 million while it made €2.8 million from bingo, which was an increase of 61 percent quarter-on-quarter and reflected ‘increasing contribution from Virtue Fusion’.

However, the news was not all good as revenues from poker decreased 13 percent year-on-year and 15 percent quarter-on-quarter to €7.3 million with Playtech stating that this was due to the impact of the 2010 FIFA World Cup and the ‘seasonality effect’.

“The second quarter's performance continues our strong start for the year and provides a solid base for the full year,” said Mor Weizer, Chief Executive Officer for Playtech.

“Operationally, we are well positioned with significant licensee wins such as RAY in Finland and the launch of our new Italian bingo and French poker networks bringing a broad range of well recognised local operators.

“I am pleased by the continuing growth of Virtue Fusion and GTS and, together, they will help to mitigate the closure of the French casino market, which will be felt in the second half of the year.

“The decline in current trading is in line with our expectations with sportsbook operators focusing on World Cup betting during the period and is not anticipated to be a useful indicator of performance throughout the third quarter. We continue to see significant growth opportunities over the near and medium-term.”