Playtech 2008 revenues climb 70 %

The Isle of Man-based firm revealed that casino revenues improved 68 % from 47.4 million euros for the year before to 79.4 million euros while those from poker grew 73 % to 30.1 million euros from 17.4 million euros.

Capping off the good news for Playtech while many others in the industry struggle, net profits increased 55 % to 40.7 million euros resulting in a net profit margin of 37 %, which was slightly down on 2007’s 40 %.

Playtech also reported an encouraging start to 2009 with daily average revenues for the first eleven weeks up 2.3 % compared to the final quarter of 2008. In addition, revenues from its software licensing deal with William Hill that created William Hill Online were approximately 40 percent greater for the first eight weeks of 2009 than those generated by former customers over the final period of last year.

“Playtech continues to perform extremely well, delivering healthy growth for shareholders and meeting management's demanding expectations,” said Roger Withers, Non-Executive Chairman for Playtech.

“Our landmark agreement with William Hill Online is on course to offer significant benefits to the company's earnings in 2009 and further strengthens Playtech's position. Management's strategy to focus on growing its presence in regulated markets has enabled the group to enter Italy, signing-up four leading Italian licensees in the process, and we expect to announce further developments in this regard.”

“Our successful share placing in June of 2008 demonstrated the faith investors have in the company and its management. Despite the difficult macroeconomic outlook for 2009, I am confident that the group will successfully navigate these challenges. As a result, the board is highly confident of its prospects for 2009 and beyond,” Withers added.