Playtech reports strong 2010

Playtech recently announced the purchase of Intelligent Gaming Solutions (IGS), a supplier of software-based casino management systems for up to 6.38 million euros, and revealed that its gross income for the entire year rose 26 % to 173.1 million euros.

Playtech stated that its revenues for the final three months of 2010 grew 21 % when compared to the same period in 2009 to 36.9 million euros. This figure represented a 13 % increase over the previous quarter while yearly revenues rose 24 % year-on-year to 142.3 million euros.

Regarding particular sectors of its business, Playtech announced that revenues from its casino activities grew 20 % quarter-on-quarter to 25.9 million euros while poker increased by 3% when compared to the third quarter of 2009 to reach 5.9 million euros. Bingo revenues also rose, this time by nine percent quarter-on-quarter, to 3.3 million euros while the firm revealed that it held a cash balance at the end of the year ‘in excess’ of 68 million euros before payment of a final consideration in relation to William Hill Online of 15.1 million euros.

“Playtech's business has increased in all areas, delivering a very robust fourth quarter performance,” said Mor Weizer, CEO for Playtech.“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 December 31, 2010 and looks forward to 2011 with confidence as another year of significant development.”