International edition
September 25, 2020

Shares were also up

Playtech second quarter revenues increased 7%

(UK).- Playtech said this week that its total revenues for the second quarter increased 7 % from last year. The company's shares are trading up over 6 % on the London Stock Exchange. Separately, it said it has agreed to acquire Swedish mobile platform developer Mobenga and signed a long-term software contract with international gaming group, Gala Coral.

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laytech's total quarterly revenues grew 7 % to 39.59 million euros from 36.83 million euros a year ago. On a like-for-like basis, excluding France, total revenues increased 19 % from last year. The firm’s gaming applications include casino, poker, bingo, sports betting, live gaming, casual and fixed odds games.

Casino revenues increased 9 % to 27.25 million euros, while Poker revenue declined 32 % to 4.98 million euros. Bingo revenues totaled 3.64 million euros, up 32 % from the previous year and Videobet revenue increased 219 % to 2.05 million euros. On a like-for-like basis excluding France, Casino revenues for the recent quarter rose 24 %, while Poker revenues decreased 24 % year-over-year.

Commenting on the performance, Mor Weizer, CEO of the company said, "It has been a very positive quarter for Playtech, continuing a solid start to 2011 and included both the finalisation of Videobet's UK roll-out and the completion of the PTTS acquisition." On July 1, Playtech completed the acquisition of PT Turnkey Services.

"Revenues and player activity have grown throughout the quarter and while we are moving into what is traditionally the quietest seasonal period, we are pleased with Playtech's core business and the newly acquired PTTS, which has shown good resilience and is performing in line with our expectations," Weizer added.

Separately, Playtech said it has agreed to acquire the entire issued share capital of mobile platform developer Mobenga AB. The consideration for the acquisition comprises an initial amount of around 8 million euros, subject to final working capital adjustments, and further consideration based on a 6x multiple of the profit before tax of the business in 2013, capped at 15.8 million euros. The initial amount was financed from Playtech's existing cash resources.

The company also announced that it has signed a significant, long-term software contract with major international gaming group, Gala Coral, to provide its technology platform and gaming products to Gala Coral for its online gaming businesses.

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