Playtech announces interim financial results and declares dividends
Yesterday the international designer, developer and licensor of software for the gambling industry, Playtech, announced Interim Results for 6 months (till June 30, 2006).
The company reported the following bright financial results:
- revenues up by 139% to USD 46.2 million;
- casino revenues up by 129% to USD 40.4 million;
- poker revenues up by 851% to USD 4.8 million.
In these 6 months, Playtech has made a remarkable progress in its main areas of performance as well as added seven new licensees to the portfolio. Playtech’s clients operate 137 gaming sites, which makes the company one of the world’s leading software providers to the gaming industry.
Board also announced the first dividends for Playtech as a listed company - an interim payment of 8.7 cents per share to be paid on 6 October 2006. It is worth mentioning that Playtech was listed on London Stock Exchange just recently – in March 2006.
Along with outstanding results, it is worth indicating that recent legal issues in the US have caused concern amongst investors in the online gaming sector. Despite the fact that Playtech has a much stronger position than operators, the company is committed to diversifying its business portfolio, regarding both geography and product. The percentage of total revenues derived from the US have decreased, while the contribution from Europe and the exciting Asian markets have increased:
- the percentage of income from US players was now 48%, compared with 58% a year ago and 49% in the 1st quarter;
- 3 new licenses were added this year through migration of active game sites with the majority accommodating Asian and European players;
- the company has initiated new Asian focused games and product development, including Mahjong.
As to product diversification, Playtech launched 2 new products last month:
- access to Playtech’s popular Casino platform through mobile phones offered to players;
- the Videobet product providing access to the land based gaming terminal market - a new market segment for Playtech.
Playtech Limited is a company incorporated in the British Virgin Islands as an offshore company with limited liability in 2002. Playtech (Cyprus) Limited wholly owned by Playtech Limited was incorporated as an International Business Company with limited liability in 2001.
Playtech Cyprus actively acquires companies incorporated in Israel, Estonia, and BVI.
In 2003, Playtech Cyprus acquired the share capital of 2 offshore companies - Networkland Limited and Playtech Bingames Limited - both are companies incorporated in the British Virgin Islands.