Playtech in ‘Confident’ Mood
By Staff
British online gambling software developer Playtech Ltd has announced that its ‘confident’ earnings last year have met analysts’ estimates after record monthly shares.

According to the Bloomberg financial news agency, British Virgin Islands-based Playtech stated that it had ‘experienced significant growth in revenues towards the end of 2007’ but did not provide any specific figures.

Playtech develops software for PartyGaming and first sold shares in March of 2006. It reported pre-tax profits for 2007 of $68.8 million according to the median of four estimates compiled by Bloomberg with sales of $102.8 million.

Bloomberg reported that Playtech, whose shares trade in London, has been adding products and moving into new markets to offset customers lost after the US passed the Unlawful Internet Gambling Enforcement Act (UIGEA). Net income for the six months ending in June fell five percent to $29 million because its licensees withdrew from the country while revenues dropped 4.8 percent to $44 million.

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