Playtech (AIM: PTEC), the international designer, developer and licensor of software to the online and land-based gaming industry, today announced its Key Performance Indicators (KPI’s) for the quarter ended 30 June 2008 and also provided an update on current trading.
Mor Weizer, Playtech CEO, said: “The second quarter of 2008 was a further significant period of growth for Playtech. The Company reported revenues of $42.4million, representing an increase of 75% on the corresponding quarter in 2007 and a 9% increase on the previous quarter. This level of performance, particularly considering the impact of the Euro 2008 football tournament and traditional seasonality, is very impressive with licensees continuing to win relative market share. For the year to date, total revenues have increased by 85 per cent. The Company has had a good start to July with further continued growth in both casino and poker. With organic growth and the launch of new licensees in Q3 and beyond we look forward to a strong quarter and the Board is highly confident of the prospects for the full year.”
Playtech reported that total revenue for the first half of 2008 was $81.4million, which represents an 85% increase over the first half of 2007. Casino revenue increased 78% to $58million and Poker revenue increased 109% to $22million.
Commenting further, Weizer stated: “This has been another outstanding quarter for the Group. With significant new licence agreements signed during the period and with the soft launch of the Asian P2P games and Flash Poker product Playtech is well positioned to grow in Q3 and beyond. The Group also successfully raised £112million during Q2 and the net proceeds are to be utilised to finance acquisition opportunities. Playtech has demonstrated its ability to leverage acquisitions and believe this money raised will provide the Group with an extremely strong balance sheet that will allow it to take advantage of further opportunities that the current market offers and in relation to that the Group has commenced due diligence on a potential acquisition opportunity.”
