Wednesday May 8,2013 : PLAYTECH CHAIRMAN HIGHLIGHTS ANOTHER YEAR OF EXCEPTIONAL GROWTH
Company has passed some of its most significant milestones to date, says Withers.
Addressing the Playtech plc agm Wednesday, chairman Roger Withers said that the group has achieved yet another year of exceptional growth and passed some of its most significant milestones to date.
"In 2012, gross income increased by 51 percent to Euro 368.1 million and revenues were up 53 percent to Euro 317.5 million," Withers noted, adding that Adjusted EBITDA grew 49 percent to Euro 186.7 million, including the group's share of profit from the now defunct William Hill Online venture.
Investors were given some good news in the chairman's statement: "Given the company's excellent full year results, the Board has recommended a final dividend payment of 15.4 Euro cents which gives a total dividend of 23.2 Euro cents per share for the year," Withers said.
During the year, Playtech expanded its product offering, increased its exposure to regulated markets and developed significant strategic partnerships and agreements, the chairman reported.
"Playtech's acquisition strategy has proved successful as evidenced by its market-leading position with PTTS and Mobenga generating significant new revenues," he said.
"The conclusion of the sale of Playtech's minority stake in William Hill Online and the achievement of consistent double-digit annual growth at WHO demonstrates the significant mutual success Playtech can create through its joint venture activities. The substantial valuation of the company's WHO stake creates a strong platform for growth," Withers said.
Turning to Ladbrokes, Withers said that Playtech is delighted to be working with one of the largest and most respected brands in the gaming industry.
"The agreement demonstrates the value of PTTS and the diversity of Playtech's business offering [and we are] committed to developing Ladbrokes's digital business," the chairman said.
Current trading is going well, with first quarter 2013 delivering continued strong performance results through the six weeks since the end of March, and the group performance in line with management expectations, putting Playtech in a strong position to take advantage of the evolving regulatory landscape.
Withers says that the Board and management continue to assess the most effective ways of deploying the proceeds of the WHO stake sale to deliver maximum benefit to the company and its shareholders, including consideration of a capital return to shareholders.
"In conclusion, after another year of significant progress, the Board believes Playtech is in a prime position to grow and is well capitalised to take advantage of opportunities from developing global regulations. We remain confident of the company's future prospects and look forward to further progress in 2013 and beyond," Withers concluded.