Playtech enjoying promotion to main market, revenues double

Playtech, the online gaming software developer, has nearly doubled revenues in the second quarter of 2012 while also achieving entry to the main market of the London Stock Exchange.

Gross income rose 82% to €88.1m against €48.4m in the same period of 2011, although that figure was broadly flat on the previous quarter.

Total revenues rose 99% on 2011, hitting €78.6m.

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Playtech is very definitely in a growth industry, with online and, especially, mobile gaming increasing in popularity.

Playtech has benefited from several of its licensees launching in the newly regulated Spanish market including Bet365, William Hill and Betfair.

The group also has a share in the profits of William Hill online, which generated €9.5m in revenues in the last three months, up 7% on last year.

Commenting on the results, Playtech's Chief Executive, Mor Weizer, said he was "particularly pleased" that Playtech had made it on to the main market of the LSE on July 2nd, just six years after debuting on AIM.

The group currently has a market capitalisation of £2.7bn and trades at 11.2 times last year's earnings.

BS