Playtech positive on prospects for business
Online gaming software company Playtech has unveiled a positive third quarter update, delivering impressive revenue growth while saying that this trend has continued into the fourth quarter.
Online gaming software company Playtech has unveiled a positive third quarter update, delivering impressive revenue growth while saying that this trend has continued into the fourth quarter.
For the three months ending September 30th, gross income was up 32% to €92.7m with total revenues up 30% to €79.9m.
Revenue performance was generally strong across the whole business compared with the same period last year. Casino revenues were up 33% to €38.5m, Bingo revenues up 17% to €4.4m, Videobet revenues up 33% to €2.9m, Services revenues up 38% to €26.9m and its share of profit in William Hill Online up 50% to €12.8m. The only laggard was Poker revenues down 27% to €4.1m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
For the nine-month period results were even more impressive, with gross income up 63% to €269.2m, as total revenues rose by 69% to £233.6m and its share of profit from its 29% stake in William Hill Online increased by 30% to £35.5m.
Playtech's Chief Executive, Mor Weizer, commented: "The positive trend seen in the third quarter has continued into the fourth quarter. Given the expected contribution of new licensees launched, further expected legislation in regulated markets such as Italian slots, the introduction of new products including sports and mobile applications and the advanced discussions the company has held with various significant licensees, we remain very confident and excited regarding the future prospects for the business for this year and beyond."
CM
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Investors pull money from UK equities as government warns of “painful” Budget
The government’s post-election honeymoon period has been short-lived, and investors are shying away from UK equities as a result
By Katie Williams Published
-
Top global fintech companies to invest in
One British fintech hogs the headlines, but there are two top performers in the US. We explain where you should put your money
By David C. Stevenson Published