Playtech Revenue Up 30% To €80m In Q3
November 7, 2012 1:00 pmOnline gambling software company Playtech Ltd has released its financial results for the third quarter revealing a 30% increase in company revenue to €79.9 million compared to €61.5 million for the same quarter last year.
Breaking the figures down further, Playtech’s casino offering was up 33% to €38.5 million, bingo revenue up 17% to €4.4 million. Videobet revenue also improved 33% to €2.9 million compared to €2.2 million for Q3 2011, while services revenues rose 38% to €26.9 million. In addition, Playtech’s profit share in William Hill Online grew by 50% to €12.8 million from €8.6 million a year earlier.
Commenting on the impressive results, Playtech CEO Mor Weizer said, “Playtech has continued its strong performance into the third quarter, delivering impressive year-on-year growth across the business, in what is usually a seasonally quiet period.”
One of Playtech’s services bucking the trend, however, was its poker revenue down 27% to €4.1 million. Nevertheless, the recent launch of its Betclic poker product in France, as well as Everest Poker in international markets is expected to have a dramatic effect on poker profits, with analysts Daniel Stewart & Co recommending the overall company stock as a buy.
On a geographical scale, Playtech’s revenue derived from Europe fell from 73% to 65% in the third quarter, while Asia’s share of revenue improved from 20% to 27%. Nevertheless, overall revenue was up in both regions with Europe’s share up 13% to €52 million and Asia up 91% to €23.2 million.
Looking ahead, the company struck an optimistic note for the future and announced that; “the positive trend experienced in the third quarter has continued into the fourth quarter. ..we remain very confident and excited regarding the future prospects for the business for this year and beyond.”
Shares in Playtech Ltd have ranged between 210p and 424p over a 52 week period, but following announcement of its Q3 results are currently trading near their peak of 433.10, up 5.38% on the day. The company now has a market capitalization of £1.25 billion.