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Playtech Quarter 4 Earnings
The Isle of Man based Internet gambling software provider Playtech plc has reported a solid set of numbers for its full year and Q4 2008 activities.
Key Performance Indicators include:
* Revenue for the whole year of 2008 totalling Euro 111.5 million, representing an increase of 70 percent on the Euro 65.7 million in 2007;
* Revenues for the quarter totalling Euro 31.5 million, representing an increase of 52 percent on the Euro 20.8 million in Q4 2007 (Q3 2008: Euro 28.4 million);
* Quarterly Casino revenues totalled Euro 22.1 million, an increase of 52 percent from Euro 14.6 million in Q4 2007 (Q3 2008: Euro 20.5 million);
* Quarterly Poker revenues totalled Euro 8.6 million, an increase of 43 percent from Euro 6.0 million in Q4 2007 (Q3 2008: Euro 7.6 million); and
* Playtech's share of players' income from Asian facing licensees during the period grew by 26 percent from Q3 2008 whilst the share of income from European licensees grew by 11 percent.
Management reported that Playtech has closed the final quarter of 2008 with record revenues and has completed two major milestones that will take the software company into 2009 with an expanded business that will steer a course through the current economic conditions.
The first of these milestones was the successful finalisation of the series of transactions with William Hill plc and the affiliates of Playtech. The company announced on 2 January 2009 that in accordance with the agreements all assets and businesses purchased by Playtech from its affiliates and other third parties were successfully injected into William Hill Online, with Playtech as its gaming software provider. Following this milestone William Hill Online successfully launched its Casino and Poker products with Playtech's software.
The second milestone of in Q4 2008 was achieved when Playtech entered the regulated Italian poker market at the end of December. Current results indicate that the Italian poker network has proven to be significantly revenue enhancing and above management's expectations.
Commenting on the KPI's Playtech's Chief Executive, Mor Weizer, said: "Once again we have enjoyed a successful quarter both operationally and strategically as we continue to grow the business and make the most of the opportunities presenting themselves. We are particularly pleased with how smoothly the integration of the William Hill joint venture has progressed, which bodes well for this important strategic company development. The company has met management's demanding expectations and we are confident that Playtech will meet its targets for the full year."
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