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MORE RECORDS FOR PLAYTECH
First quarter results build on increases in revenues, with online casino activities making a memorable contributionThe Isle of Man based and London listed online gambling software developer Playtech plc turned in another record quarterly performance this week, showcasing record Q1 2008 revenues of US$39 million – an increase of 97 percent on the US$19.8 million achieved in the same period last year, and a 19 percent rise on US$32.7 million on fourth quarter 2007 revenues.
In terms of percentage increases, online poker operations was the star of the show with revenues totalling US$ 11 million, a remarkable 161 percent annual improvement on the US$4.2 million recorded in 2007 and a quarter on quarter rise of 17 percent.
Online casino revenues grew 79 percent to US$27.2 million on last year’s US$15.2 million, and were up 19 percent on the last quarter of 2007.
“This has been an outstanding quarter for the group, registering impressive month on month revenue growth,” said Mor Weizer, chief executive of Playtech.
“The addition of new licensees during the period and the anticipated full roll out of the new Asian P2P games and Flash Poker mean the group is well positioned to grow in Q2 and beyond. The group continues to pursue significant business opportunities across all the regulated markets and the Board is highly confident regarding the group’s trading performance for 2008 and beyond.”
Operational highlights included:
* The iPoker network becoming the largest non-US poker liquidity pool worldwide
* Nine new licence agreements and the soft launch of Asian peer-to-peer games during the quarter, with full roll out expected in the next three months.
* The development of a Flash poker product was completed and will launch in the third quarter of the year.
* The company has also initiated a “homologation process in various regulated jurisdictions”.
* Strong pipeline of potential licensees with the signing of three new licensees. The Group expects to sign additional new licensees during the year which should further strengthen its revenue generation in the future.
* Playtech will further support its future growth with the addition of new products
Current trading during April was up 9 percent on first quarter activity levels and the licenses and new product pipeline and momentum was continuing apace, a company statement revealed.
