PLAYTECH REPORTS A STRONG Q2-2012
07th August, 2012 at 04:18:25
Online gambling company reportedly advancing on all fronts
The publicly listed online gambling software developer and turnkey provider Playtech plc has posted a generally strong set of Q2-2012 results along with a trading update.
Key performance indicators for the three months ended June 30 2012 included the highlights:
* Gross income up 82% to Euro 88.1 million, (Q2-2011: Euro 48.4 million) but flat compared to Q1-2012
* Total revenues up 99% to Euro 78.6 million, (Q2-2011: Euro 39.6 million) and up 5% on Q1-2012
* Casino revenues up 36% quarter-on-quarter to Euro 37.1 million, (Q2-2011: Euro 27.3 million) and up 8% on Q1-2012
* Poker revenues down 12% to Euro 4.4 million, (Q2-2011: Euro 5 million) and down 18% on Q1-2012
* Bingo revenues up 21% to Euro 4.4 million, (Q2-2011: Euro 3.6 million) and up 1% on Q1-2012
* Videobet revenues up 36% to Euro 2.8 million, (Q2-2011: Euro 2 million) and up 15% on Q1-2012
* Services revenues up 4% to Euro 26.8 million on Q1-2012
* Share of profit in William Hill
Online up 7% to Euro 9.5 million, (Q2-2011: Euro 8.8 million) and down 29% from Q1-2012 reflecting strong performance in Q1-2012
* PTTS purchase completed on 1 July 2011
Management provided the following trading update:
Daily activity for the first 31 days of Q3-2012 is 24% ahead of Q3-2011 and 3% below that of the daily average of the previous quarter.
Playtech licensees, including Bet365
, William Hill, Betfair
, and Casino Gran Madrid have launched in the newly regulated Spanish market with further licensees looking to launch in September 2012.
The Gala Coral
project is progressing and the first two phases of its migration to the Playtech platform, including Gala Bingo and Gala Casino
, were completed successfully in July and are performing well
Playtech's mobile strategy is advancing, with Paddy Power
launching nine casino games in an integrated mobile solution
The company has won a number of industry awards for its products.
The largest bingo network progressive jackpot promotion yet was completed in Q2-2012, delivering a combined £ 2.5 million in prize money to players
The highlight of Playtech's corporate achievements was the admission of the company to trading on the London Stock Exchange's Main Market for listed securities on 2 July.
The earlier of acquisition of PTTS, and the subsequent success of the company has led to Playtech accelerating the payment of an additional consideration of Euro 140 million payable to Worldwide Online Enterprises Ltd in three tranches through to 2014. PTTS achieved an annualised adjusted EBITDA in excess of Euro 40 million in H1 2012.
Playtech also completed its previously announced related party transactions for a social gaming software licensing agreement with Skywind Holdings, a lease agreement for GTS's premises and an advisory agreement with major shareholder Teddy Sagi on 12 June
Integration of January's acquisition of Geneity continues alongside strong performances from Playtech subsidiaries Mobenga and Ash Gaming
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. I am also particularly pleased that Playtech achieved a Premium Listing on 2 July, which marks the company's exceptional progress since listing on AIM in 2006."
"The services division has delivered a very impressive performance and surpassed the accelerated payment threshold. This uniquely positions Playtech for future strategic revenue streams as markets continue to regulate. 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."
Related News Tags: Jackpots, Playtech, Bet365, Betfair, Coral, Gala, Paddy Power, William Hill