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Cryptologolic’s Profits Rocket
Cryptologic, software developers for big gaming brand names from The Ritz Club Online to Littlewoods gaming are enjoying unprecedented success, our financial sources can reveal.
Cryptologic, which develops software for internet gaming, saw net profit jump 75% in the third quarter boosted by strong international growth. The company have been pursuing a global expansion strategy that saw them listed on the London Stock Exchange last September and has greatly increased their international customer base. Licencees’ revenue from international markets is now about 55% of total revenue for the year to date, up from 40% in 2002.The company reported a net profit of $2.3m, up from $1.3m in the third quarter last year, on revenue that grew 37% to $10.9m.
The recently launched poker and bingo products have also contributed to strong growth, contributing, the company estimate to more than 10% to total revenue. Lewis Rose, Cryptologic’s president and CEO the companies two most important achievements during the third quarter were the London Stock Exchange and the declaration of its first ever quarterly dividend of 3 cents per share.
