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.

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.

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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