Leading online casino software developer reveals that gross income for the previous three months fell 1.9 percent quarter-on-quarter to €33.1 million.
Monday 27th July 2009
Online casino software developer Playtech Limited has released its financial results for the previous three months showing a 1.9 percent quarter-on-quarter drop in gross income to €33.1 million.
However, the Isle Of Man-based firm revealed that gross income actually increased by 23.3 percent year-on-year while it stated that the underlying performance of its business ‘continues to be resilient’.
Playtech reported that gross income for the first six months of 2009 rose 29.8 percent year-on-year to €66.9 million while earnings before interest for the first half is expected to be over €43 million but lower than €45 million.
The firm announced net cash for the quarter of €48.7 million after the payment of a dividend totalling €18.2 million, which was down approximately eight percent quarter-on-quarter. In addition, while total revenues increased by 0.4 percent year-on-year to €27 million, they decreased by 4.2 percent quarter-on-quarter from the €28.2 million Playtech reported at the end March.
Casino revenues decreased by 8.1 percent year-on-year and 3.3 percent quarter-on-quarter to €17.9 million while earnings from poker rose by 17.8 percent year-on-year to €8.2 million. However, earnings from poker decreased by 6.4 percent quarter-on-quarter while total revenues for the first half of 2009 were up by seven percent year-on-year to €55.2 million.
“The board is confident the company will deliver strong growth for the full-year to December of 2009 compared to 2008,” read a statement from Playtech.
“However, owing to the slower than anticipated start to William Hill Online and the general challenging economic environment impacting some of our licensees, the board believes that full-year trading will be below current market expectations.
“The William Hill Online business is making encouraging progress after a slower than anticipated start to the year due to a prolonged integration period and difficult trading conditions. This will impact our expectations for the first year's trading. However, Playtech remains confident that the William Hill Online transaction will prove to be transformational for the company and will make an important contribution to earnings in 2009 and beyond.”
