BUSINESS

Playtech make a strong start to 2011

TAGs: Intelligent Gaming Solutions, Playtech

playtech-make-strong-start-to-2011We’re currently experiencing a period when everyone releases their pre-close trading updates for competitors to look at and think, “They’re doing very bloody well actually.” This is the case with the latest company to release an update today, as Playtech celebrate their International Gaming Award for iGaming Software Supplier by releasing a stellar set of figures.

The international designer, developer and licensor of software for the online, mobile and land-based gaming industry saw gross income up 26% to €173.1m for 2010, (2009: €137.3m). In addition, total revenues for 2010 were also up 24% to €142.3m from €114.8 million the year before.

In terms of online, their share of profit from William Hill Online (WHO) increased by an impressive 37% to €30.8m, up from €22.5m in 2009. This included €7.0m in Q4 2010.

Commenting, Playtech’s Chief Executive, Mor Weizer, said: “Playtech’s business has increased in all areas, delivering a very robust fourth quarter performance. Growth from our existing business, when combined with the new licensees either just launched, or due to launch shortly, gives us a solid platform for 2011. As a result, the Board is comfortable with market expectations for the year ended 31 December 2010 and looks forward to 2011 with confidence as another year of significant development.”

Playtech also announced today that they’ve acquired the entire issued share capital of Intelligent Gaming Solutions (IGS), a provider of software based casino management systems.

Weizer commented: “We see this deal as furthering what is already Playtech’s unique competitive advantage and cross platform capabilities as the trend of convergence of land based and online segments continues.”

Convergence has been identified as one of the key trends in the gaming industry right now so it doesn’t come as a surprise that this should be identified as one of the reasons for the takeover.

Later in the release, Playtech also added that 2011 has started just as strongly, daily activity in the first three weeks of this month over 11% ahead of January 2010.

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