Playtech Revenue Soars 17% In Q3 2010 To €32.5mNovember 2, 2010 10:02 am
Gaming software company Playtech has just posted its Q3 financial results, which show gross income at €41.3 million, up 30% compared to the same period in 2009.
Playtech’s revenue was also up by 17% to €32.5m meaning that for the first nine months of the year gross income at the company was 31% higher at €129.2 million, while revenue had risen 25% to €105.4 million.
Commenting on the impressive results, Playtech’s CEO Mor Weizer stated:
“Gross income and total revenues for the quarter held up well over the traditionally quiet summer period, especially when excluding the impact of the closure of the French offshore market, which distorts the historic comparisons.”
“After the seasonal slowdown and the aftermath of the World Cup, September as expected was a stronger month, and we see this positive trend continuing.”
Across Playtech’s offerings, only poker saw a fall in its revenue, down 30% to €5.7m from €8.2m in Q3 2009. However, revenue from its casino, bingo and William Hill Online operations were more than enough to redress the balance.
In total, casino revenues were up 17% to €21.7m from €18.5m in Q3 2009, bingo revenue was a solid €3.1m, while Playtech’s acquired interest in William Hill Online produced an €8.8 million profit up 111% from €4.2m the year before.
Going forward, CEO Mor Weizer added: “The recent launches of Betfair casino and our Italian Bingo licensees have performed very well from soon after launch, and will be joined by RAY [the Finnish monopoly] in the coming months.”
“I am also encouraged by discussions with a number of notable operators which should deliver a strong pipeline across the product range.”
The company also announced that the first month of Q4 had started well and was already 25% ahead of last year’s figures.
During the past 52 weeks Playtech’s share price has ranged between a low of 357.50p and a high of 548.00p. The company’s shares are currently priced at 439.75p, which would give the company a value of around £1.08 billion pounds ($1.7 billion).