Playtech Reports Record Revenues
By Staff
Isle of Man-based online gambling software and games developer Playtech Limited has released its results for the previous six months showing record revenues of $81.4 million.

The interim statement released yesterday revealed that total revenues had risen by 85 percent from last year’s $44 million while casino revenues were up by 78 percent to $58 million. Most impressively, the firm stated that revenues from poker rose by 109 percent from $10.5 million last year to $22 million for the first six months of 2008.

'We are very pleased with these results, which demonstrate Playtech's continued progress as the world's leading software provider to the gaming market,” said Mor Weizer, Chief Executive Officer for Playtech.

“Playtech is ideally placed to capitalise on the opportunities provided by the fast-growing global gaming market. The company has potential for far more significant growth and its unique business model places it in a strong position. The board looks forward to the future with confidence.'

Playtech revealed that adjusted net profits before tax would rise by 90 percent to $57.8 million thanks to improved margins. However, it did state that this figure excluded non-cash items unrelated to the underlying cash trading performance totalling $19.9 million.

Operational achievements over the period included the raising of $222.4 million before expenses by the placing 21,620,946 new ordinary shares. Playtech stated that the net proceeds from this placement would be used to finance future acquisition opportunities.

Playtech also revealed that Deutsche Bank has been appointed as its joint broker to work alongside existing adviser Collins Stewart Europe Limited.

'We are very pleased to welcome Deutsche Bank on board as joint broker working alongside Collins Stewart,” said Weizer.

“We have the highest opinion of both companies and we look forward to a productive working relationship.'

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