Playtech Profits Surge
By Staff
Isle of Man-based turnkey provider Playtech has revealed significant increases in revenues from its casino and poker operations helped push total proceeds for last year over $100 million.

The firm stated that total revenues increased 86 percent to $103.6 million thanks to a 58 percent increase in casino profits to $74.7 million and a magnificent 269 percent growth in online poker income to $27.4 million through its iPoker network.

'I am pleased to report another strong set of full year results for Playtech with all key performance indicators performing ahead of targets,” Said Roger Withers, Non-Executive Chairman for Playtech.

“The group continues to expand rapidly with increased product development in new geographical markets leading to a number of new significant revenue streams. We have had an excellent start to 2008 and the board is highly confident of the group's performance for 2008 and beyond and its ability to maintain our position as the world's leading provider of software solutions to the online gaming industry.'

Other highlights reported by Withers included adjusted net profits before tax of $70 million while cash generated from operating activities was down to $62.6 million from 2006’s $72.6 million.

Playtech also reported that its iPoker network has became the world's largest online poker system during the year as assessed by independent tracking website following the successful integration of the non-US assets of the earlier acquired Tribeca poker network. The network now has 15 new licenses, eight of which were from Tribeca, including those in the rapidly expanding Asian and European markets.

Last December, the iPoker network held the European Championship of Online Poker, which attracted over 44,000 players competing for a total of $2.85 million in prize money, with a second event currently planned with an aggregate of more than $3.5 million in prizes.

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