Playtech 2007 Interim Report Revealed and Results are Strong

Published on: September 5, 2007 

"It gives me great pleasure to present very strong interim results for Playtech Limited. The Group revenues for the period have barely been affected by the withdrawal of our licensees from the US market." Stated Playtech Chairman Roger Withers in a statement made regarding the online software provider's Interim results for the six months that ended June 30 2007.

And Withers statement is nothing but true. Many online gambling companies felt a huge downward jolt in their businesses when the US passed the Unlawful Internet Gambling Enforcement Act last October, that basically prohibited US citizens (a massive market) from taking part in online gambling activities. As for Playtech, their progress in all the key areas of performance was quite exceptional. The following are a few of the highlights outlined in the report.

In regards to financial highlights, total revenues soared by 80% up to $44 million (from $24.5 million in 2006). Of these revenues, the casino division made up the largest portion at $32.6 million (an increase of 53%). The poker revenues saw an impressive 275% increase from last year up to $10.5 million from $2.8 last year. And the earnings before interest, tax, depreciation and amortization (EBITDA) increased by 2% to $30.7 million for the period.

During the six months, Playtech also experienced a number of operational highlights. These include, acquisition of Tribeca assets fully integrated (resulting in Playtech becoming the world's largest independent poker network), a new development centre in both India and Philippines, a number of new products geared specifically to the growing European and Asian markets and more.

"I am pleased to announce a very successful first half performance for 2007. The Group has reacted decisively to the changed regulatory environment in which it now operates and has focused during the first half of the year on the integration of the acquired Tribeca assets". Commented Playtech’s Chief Executive Officer in the report.

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