Playtech Results Show Business Is Strong

Published: Wednesday, February 28, 2007 Online-Casinos.com

PLAYTECH RESULTS SHOW THE BUSINESS IS STILL STRONG

Solid increases in revenues crafted by expansions into Europe and Asia

Online gambling turnkey provider and software developer Playtech turned in an impressive set of results this week, almost doubling pre-tax profit numbers.

The companys full year results saw an annual rise in total revenues of 89 percent to US$90 million (2005: US$47.6m). Pre-tax profit rose to $60.8 million for the year ended 31 December from $35.7m in 2005.

Breaking the numbers down, online casino revenues increased 81 percent to US$77.2 million (2005: US$42.7m), and Internet poker revenues rose a remarkable 309 percent to US$10.9 million (2005: US$2.7m).

Excluding US contributions, annual revenues increased 143 percent to US$55.6 million (2005: US$22.8m).

The report hails expansion in Asia and eastern Europe as an important contributor to the bottom line. The group offset losses in the USA, where its online gambling operations were shut down timeously with the advent of new anti-online gambling legislation, and efforts and resources were focused on new markets such as Asia.

Playtech also added new products to entice new customers.

"The group's broad international portfolio of clients, especially in Asia and Europe, meant that the impact of the prompt withdrawal by its licensees from the US market was greatly reduced," it said.

"We look forward into 2007 with great enthusiasm and expect it to be a year of further growth,'' said chief executive officer Avigur Zmora in a statement.