Playtech Revenue Soars 24% In 2010 To $194.3m

Gaming software development company Playtech have just released their fourth quarter financial results ending December 31st, showing a 21% increase in their revenue to €36.9 million ($50.3 million).
The end of year financial figures mean Playtech’s total revenue had increased by an impressive 24% to €142.3 million ($194.3 million) during 2010, compared to €114.8m a year earlier. Commenting on the figures Chief Executive Mor Weizer said:
“The Board is comfortable with expectations for the year ended Dec. 31 2010 and looks forward to 2011 with confidence as another year of significant development.”
Leading the gains for Playtech in Q4 were significant increases in its Casino revenues up 20% to €25.9 million, as well as an increase in Bingo revenues of 9% to €3.3 million, and a 3% rise in Poker to €5.9 million.
For the whole of 2010, Playtech’s share of profit from William Hill had soared 37% to €30.8 million compared to €22.5m a year earlier. Playtech also announced cash reserves of €68 million, although €15.1 million is earmarked for a final payment of their William Hill Online deal.
Another piece of good news announced by the company was that a new candidate for chief financial officer had been identified to fill the position currently occupied  by acting CFO Shuki Barak. Also, Playtech have agreed to acquire casino management systems firm  IGS for £5.5 million and commenting on the mood of optimism pervading in the company, Mor Weizer said:
“Growth from our existing business, when combined with the new licensees either just launched, or due to launch shortly, gives us a solid platform for 2011.”
Over the past 52 weeks Playtech shares have fluctuated between 552p and 380.25 and despite the good news, shares in the company are currently trading near the bottom at 385p. Since the release of the financial figures, Goodbody Stockbrokers stock analyst Killian Murphy has recommended the stock as a good buy to his clients.