Online gambling software designer and supplier Playtech Limited has released its interim financial results for the first quarter of 2013 showing a 16 percent increase year-on-year in total revenues to €87.5 million ($113.8 million).
Isle of Man-based Playtech announced that this figure was four percent higher than the previous quarter’s €83.9 million ($109.1 million) and was partnered by a 16 percent rise year-on-year in gross income to €102.5 million ($133.3 million).
Playtech revealed that its first-quarter casino revenues rose by 28 percent year-on-year to reach €44.1 million ($57.3 million) while services returns hit €26.3 million ($34.2 million), which represented a boost of some two percent when compared with the same three-month period in 2012.
For its bingo operation, Playtech stated that revenues for the initial three months of 2013 improved by nine percent year-on-year to €4.8 million ($6.2 million) although total poker takings decreased by 18 percent when compared to the same period last year to €4.4 million ($5.7 million).
Further, Playtech reported that sport revenues swelled by 128 percent year-on-year to €4.6 million ($5.9 million) alongside a two percent drop when compared with the first quarter of 2012 in taking from its Videobet enterprise to €2.4 million ($3.1 million).
Playtech declared that the three-month period finished with it holding net cash of €56.6 million, which represented an improvement of 9.4 percent quarter-on-quarter while average daily revenues over the first 24 days of the second quarter of 2013 are up by ten percent year-on-year and ‘in line’ with expectations.
“Playtech has made a strong start to 2013, delivering a robust quarterly performance driven by our flagship casino product, Live, and in particular mobile casino and Mobenga,” said Mor Weizer, Chief Executive Officer for Playtech.
“Our landmark transaction with Ladbrokes, under which Playtech will provide its full product suite and marketing advisory services, clearly demonstrates Playtech’s unique position. Ladbrokes is one of the largest and most respected brands in the betting and gaming industry and we are very excited about the prospects for this venture and are committed to making it a great success.
“With the completion of the sale of our stake in William Hill Online, we are focused on exploring strategic alternatives that will enable us to continue the growth and development of the business and, in conjunction with this process, are consulting shareholders with respect to potential returns.
“In view of the company’s performance during the year to date, the board is committed to paying an interim dividend at or above the level of that declared last year.”
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