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PLAYTECH FULL YEAR RESULTS SHINE
Fresh from its positive quarter 1 results announcement earlier this week, the online gambling turnkey provider and games developer Playtech plc has followed up with an impressive full year report for the year ended 31 December 2007.
Financial Highlights from the annual report show:
* Total Revenues up by 86 percent to $103.6 million (2006: $55.6 million)
* Casino revenues up by 58 percent to $74.7 million (2006: $47.3 million)
* Poker revenues up by a whopping 269 percent to $27.4 million (2006: $7.4 million)
* Adjusted net profit before tax of $70 million (2006: $68 million, including the now abandoned US income)
* Cash generated from operating activities of $62.6 million (2006: $72.6 million) was 95 percent of Playtech's operating profit before non cash items
* Cash investment in CY Foundation of $10.25 million and the fair value of such investment on 31 December 2007 was $18.9 million. Deferred revenues of $27.6 million recorded in the balance sheet
* Cash investment in AsianLogic of US$5.0 million and the fair value of investment on 31 December 2007 was US$15.9 million. Deferred revenues of $10.6 million recorded in the balance sheet
Operational highlights of the year were many and diverse, including the phenomenal growth of the iPoker network into a major force in online poker; the successful completion of the integration of the non US assets of the Tribeca poker network to the iPoker network; 15 new licensees added (8 from Tribeca) including some in the important Asian market.
The board reported further investment in development, and pre and post sale resources bringing the total number of Playtech employees in various locations to approximately 650. This contributed toward enhanced product development including the conversion of the majority of the downloadable casino games into flash, introduction of flash Bingo and upgrade of the live gaming software.
During the year the company completed its Videobet switchable technology, allowing operators to operate gaming machines on a stand alone basis and switch to server-based without any additional cost or time constraints. A joint venture agreement with Unicum will allow Videobet's software to be used on at least 500 stand alone gaming machines located in the Ukraine
As the full year closed in December, the iPoker network held the European Championship of Online Poker ("ECOOP") which saw over 44 000 players participating for an aggregate of $2.85 million in prize money. The company plans bigger and better tournaments in this vein, upping the prize-pool guarantee to $3.5 million.
Looking ahead, the company statement flagged significant growth in January with 14.4 percent improved revenues over the
monthly average revenues in the fourth quarter of 2007. 6 new licence agreements have already been signed in 2008 in line with Playtech's strategy to diversify geographically, focus on regulated markets and migrate licensees from competitors
The company reported a strong pipeline of potential new licensees, along with the launch of new Asian P2P games, planned to take place end of the first quarter of 2008. New games development has also accelerated and embraces a large number of slot, table and card games and additional Asian P2P games.
Roger Withers, Non-executive Chairman, commented: "I am pleased to report another strong set of full year results for Playtech
with all key performance indicators performing ahead of targets.
"The Group continues to expand rapidly with increased product development in new geographical markets leading to a number of new significant revenue streams.
"We have had an excellent start to 2008 and the Board is highly confident of the Group's performance for 2008 and beyond and its ability to maintain our position as the world's leading provider of software solutions to the online gaming industry."
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Mybet Earnings Struggle -
The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
Why is FullFlush Poker Still Down -
Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.
Time Running Our For Pennsylvanian online gambling -
Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
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