Playtech Q3 2013 Earnings Report

Tuesday October 29,2013 : CONTINUED STRONG PERFORMANCE FROM PLAYTECH IN Q3-2013
 
Revenues rise 16 percent, boosted by strong online casino and sports betting performance.
 
The Isle of Man-based online gambling provider Playtech plc has posted another set of strong quarterly performance results, reporting that group revenues rose 16 percent, boosted by a 24 percent rise in casino returns and growing sports betting success.
 
Reporting on performance in the three months ended September 30, the company highlighted the following quarter-on-quarter revenue stats:
 
* Total revenues up 16 percent to Euro 90.6 million (Q3-2012: Euro 79.9 million)
* Casino revenues up 24 percent to Euro 46.8 million (Euro 38.5 million)
* Services (including Poker Strategy) up 7 percent at Euro 28.5 percent (Euro 26.9 percent)
* Bingo slightly down at Euro 4.2 million (Euro 4.4 million)
* Sports betting delivered a strong result, up 39 percent at Euro 3.4 million (Euro 2.6 million)
* Poker down significantly by 21 percent to Euro 3.2 million (Euro 4.1 million)
* Videobet revenues stable at Euro 2.9 million.
* Cash on hand as at September 30 was a healthy Euro 523.2 million.
 
Issuing a trading update Tuesday, Management advised that average daily revenue for the first 27 days of Q4-2013 is up over 12 percent on Q4-2012 and up over 5 percent on Q3-2013.
 
Operational highlights included:
 
* Acquisition of PokerStrategy
* Ladbrokes launched Vegas tab in July
* Bet365 launched mobile LIVE on HTML5 in September
* First launch of HTML5 mobile poker in September with two licensees
* Mobile poker native iOS application approved by the French App store
* Currently, the business geographical split is Europe 64 percent; Asia 25 percent and rest of the world 11 percent.
 
Mor Weizer, Playtech's chief executive officer, commented:
 
“Playtech has continued its growth through the third quarter and the management team is confident of achieving market expectations for the full year and beyond.”