Playtech Sees Q2 Results Soar 34% To €44.5m

Online gaming software company Playtech has just posted its Q2 results, which show gross income at €44.5 million (£37m), up 34% compared to the same period last year.
Playtech’s Q2 results also showed a 2% improvement on the Q1 figures, despite poker revenue falling by 13% to €7.3m, mostly due to the impact of the 2010 FIFA World Cup.
However, growth in the company’s casino and bingo operations were more than enough to offset the disappointing poker figures.
Casino revenue was up 34% from a year earlier to €24.9m, and 3% more than Q1, while bingo revenue had climbed an impressive 61% compared to the Q1 figure to reach €2.8m.
Playtech also acquired an interest in William Hill Online back in October 2008, and its share of profits derived from the deal was up 43% on the 2009 results to €7.6m, and  4% on the previous quarter.
Commenting on the Q2 results, Playtech’s Chief executive Mor Weize stated:
“The second quarter’s performance continues our strong start for the year and provides a solid base for the full year.”
“Operationally we are well positioned with significant licensee wins such as RAY in Finland and the launch of our new Italian bingo and French poker networks, bringing a broad range of well recognised local operators.”
“We continue to see significant growth opportunities over the near and medium term.”
Trading has started well for Q3 and was already up 20% on the 2009 figure, with the market favourably reacting to the impressive set of results.
Earlier today, Playtech shares were valued at 448p or up 6.7%, before settling back down again to 420p. The company is currently valued at  £1.02 billion and is currently the biggest company listed on London’s AIM market.