Playtech Revenue Soars 99% To €78.6 Million In Q2

Playtech Revenue Soars 99% To €78.6 Million In Q2Online gaming software developer Playtech has released its financial results for Q2 2012, revealing a massive 82% increase in its gross income to  €88.1 million, while the company’s revenue also soared by 99% to €78.6m compared to €39.6 million for the same period in 2011.
Leading Playtech’s business verticals was its Casino division, whose revenue increased by 36% to €37.1 million, while Videobet was up 36% to €2.8 million, Bingo was up 21% to €4.4 million, and the company’s services revenues was up 4% to €26.8 million. In addition, Playtech’s profit share from William Hill Online increased 7% to €9.5 million, with Poker revenue being the sole decliner down 12% to €4.4 million compared to €5 million in Q2 2011. Playtech’s poker offering has now declined by 9% for the first six months of 2012.Commenting on the overall impressive financial figures, though, Playtech’s Chief Executive Mor Weizer said:
“First half performance for 2012 has been very encouraging and all products, with the exception of poker, have achieved strong year-on-year growth.”
The Isle of Man-based company has benefited recently from several of its licensees being the first to launch in the newly regulated Spanish market, including Bet 365, William Hill, Poker 770 and Casino Gran Madrid with further licensees due to launch later this year. Looking ahead, Playtech has reported a strong start to Q3 with daily activity over the first thirty-one days already up by 24% compared to last year. Commenting on Playtech’s prospects going forward, Mor Weizer stated:
“Although we anticipate a seasonal slowdown during the traditionally weaker summer months, I believe that the Company is well positioned to maintain the momentum into the rest of the year.”
Playtech spent six years on the London Stock Exchange (LSE) sub-market AIM, before being admitted to the LSE on July 2nd, 2012. The group’s shares are currently trading at 365.50, up 1.39% on the day, giving Playtech a market capitalization of £1.06 billion.

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