Analysts judge company as good choice based on growth in revenue and profits this year
Thursday 30th September 2004
In Canada, the leading software developer for the online gambling industry, CryptoLogic, is being pushed forward as a strong investment opportunity following a successful year so far. The gains that the company has made in both revenue and profits in 2004, have made it a strong candidate for keen investors according to financial analysts.
A Toronto based company, CryptoLogic have earned US$7 million in profit in the first half of the year. This figure translates into (US) 52 cents per share, compared to the 35 cents a share in the same period in 2003. The overall figure for the same period last year was US$4.3 million. In revenue terms, the figure has increased by 53 percent, up to US$30.1 million, with cash flow up 68 percent to US$8.4 million.
The main source of revenue for the company, is in the slot games sector, where the revenue earned from existing licenses is growing, largely due to the release of 11 new slot games. Another reason for the success for the company is the development of their online poker offerings, with these products now accounting for 15 percent of the company’s total revenue. Overseas expansion has played another role in the success, with revenues from overseas clients now accounting for 60 percent of their total revenue. The prosperity as a whole of the online gambling has resulted in several companies being put forward by analysts as a strong choice for investors, Cryptologic with its growth and profits achieved this year, is the latest being recommended to investors.
