Playtech sees profits soar as it grows further

PLAYTECH, the online gaming software firm, yesterday reported a jump in profit of 14 per cent to €37m (£30m), as launches of Italian bingo and French poker networks increased its presence in new markets.

Total revenue was up 29 per cent to €72.9 and core profit rose 20 per cent to €54.2.
The firm now expects further forward momentum after the acquisition of Virtue Fusion in February 2010, which positions Playtech as the leading B2B bingo network provider, with a pipeline of new licensee prospects in UK and internationally.

It also announced an interim dividend of 9.4 cents per share, an increase of six per cent on the previous year.

Chairman Roger Withers said: “We have enjoyed a strong trading performance in the first half. Regulatory change across Europe is transforming the market dynamics and opens up many new opportunities.”

He added: “Although the restrictions of the newly regulated French market will, as anticipated, impact revenues in the second half, we have a strong pipeline of new licensees which we expect to more than offset this in 2011 and help maintain our growth trajectory.”