Playtech are anticipating discussions regarding the future of their joint venture with William Hill at some point this year. The software company released a strong set of 2011 results earlier today with income, revenues and profits all showing impressive increases. As part of the results call they reported William Hill Online (WHO) is “performing very well” and “Playtech is committed to continuing its relationship with WH and looks forward to entering into discussion regarding the future shape and form of WHO.”
Fall out from the ructions in Tel Aviv suggest the “future shape” not including Playtech. If that’s the case they’re likely to hold out for the highest price for their side of a business that’s performing very well. It’s reported by OnlineCasinoReports.com that the deadline for talks is November and Hills have until then to activate a call option to buy out Playtech. The cost will be circa £354 million with UBS, Deutsche Bank and JPMorgan the banks tasked with deciding the right price. Mor Weizer, CEO of Playtech, is open to any suggestions and is looking forward to commencing discussion “as soon as possible,” according to OnlineCasinoReports.com.
Performance for 2011 saw gross income increase 41 percent to €243.6 million (€173.1 million in 2010) with total revenues up 46 percent to €207.5 million from €142.3 million. Both those figures meant adjusted net profits hitting €112.8 million – 21 percent higher than €93.2 million in the previous year.
Roger Withers, non-executive chairman, added: “In view of the Company’s Board changes and progress in the last year, Playtech looks forward to an exciting year ahead with potential new joint venture partnerships, new licensee prospects and a commitment to joining the Main Market.”
So far in 2012 the company reports strong trading with “like for like up 23 percent.”