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Strong 2010 Earnings From Playtech
Posted 3/11/10: Substantial progress made in regulated markets
Online gambling software developer Playtech plc has posted a strong set of audited results for the 12 months ended 31 December 2010
Financial highlights include:
* Gross income up 26 percent to Euro 173.1 million (2009: Euro 137.3 million)
* Total revenues up by 24 percent to Euro 142.3 million (2009: Euro 114.8 million)
* Adjusted EBITDA increased by 10 percent to Euro 103.1 million (2009: Euro 93.7 million) reflecting a margin of 60 percent from gross income (2009: 67 percent)
* Adjusted net profit Euro 93.2 million (2009: Euro 89.4 million)
* Cash generated from operating activities and sums received from William Hill plc totalled Euro 103.3 million (2009: Euro 89.2 million) reflecting the group's adjusted EBITDA (2009: 95 percent)
* Cash balances at year end of Euro 68.5 million (2009: Euro 58.7 million)
Operational highlights included:
* Playtech's acquisition of Virtue Fusion delivered a bingo product and network
* Strategic partnerships with Scientific Games and Sportech position Playtech for growth in locally regulated markets
* Launch of licensees and networks in all four newly regulated European markets
* Major new licensees include Betfair, RAY, Codere, Unibet and Buongiorno
* Advanced suite of integrated responsible gaming tools developed for Finnish state monopoly, RAY
* Diversified product and licensee revenue streams:
* 76 new casino games developed
* Over 15 new licensees signed up
* Growing open platform capability with a library of 500+ games
* Increasing differentiation through unique cross platform capability:
* Videobet rollout of over 20,000 FOBT machines in the UK now over halfway complete
* Acquisition of Intelligent Gaming in January 2011 extends reach into land based casino segment
* Launch of mobile iPoker platform in Q2 2011 to complement existing casino package
The company also provided an update on its move to a Premium Listing, advising that the UK Listing Authority has deemed Playtech to be currently ineligible for a Premium Listing on the London Stock Exchange due to a lack of three year track record over 75 percent of its earnings.
A key driver in this has been the strong growth of the William Hill Online joint venture that was formed at the beginning of 2009 contributing more than 25 percent to Playtech's earnings. Playtech is committed to attaining a Premium Listing in early 2012 when this earnings track record will be established
Commenting on current trading conditions, Playtech reported that it has started its new financial year well and continues to make good progress. Like-for-like growth in daily average revenues for the first nine weeks of 2011, excluding the impact of France and acquisitions, are up over 8 percent compared to the same period in 2010. The daily average revenues versus Q4 2010 are just over 1 percent ahead.
Roger Withers, non-executive chairman, said: "Playtech has had an extremely active year on many fronts, but we have never lost sight of our core business objectives, of delivering market-leading products, content and tools to our licensees.
“This has enabled us to enjoy strong growth in revenues and attracted a number of new major operators to our platform. The opportunities, particularly in newly regulating markets, are substantial and the Board is confident of the prospects for 2011 and on delivering on the group's strategic objectives."
"Today we have separately announced the terms of the acquisition of a range of B2B service assets and businesses. These will enable us to deliver a full turnkey service to an increasing number of potential licensees in regulated and soon to be regulated markets who are looking for an outsourced solution. We see this as the gateway to our success in a number of substantial regulating markets, and fundamental to achieving a sustainable business model in what is a changing market dynamic."
"In 2010 we have also made major strides with the composition of our Board and corporate governance, with the appointment of experienced non-executive directors, and a new head of compliance. We now have a very strong non-executive team and they will take a greater oversight role in the future. We have not yet concluded the appointment of a new CFO. We recognise that this is a key step we must deliver and discussions with potential candidates continue.
"I am extremely disappointed that the UKLA has deemed Playtech to be ineligible for a Premium Listing this year. However, I am confident that once the full three year track record is established we will be eligible for a Premium Listing and am committed to pursuing this as early as possible in 2012."
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