Gaming software firm Playtech profit surges
Internet gaming software group Playtech reported a 172 percent rise in first-half adjusted net profit on Thursday on new contracts and an eight-fold rise in revenues from its growing poker business.
In its first set of financial results as a public company, Playtech said adjusted net profit in the six months to June 30 leapt to $37.3 million (19.72 million pounds), on revenues up 139 percent to $46.2 million, and it was confident about the second half of the year.
Playtech said it had won seven new licensees in the half-year, meaning its software now powers the Web sites of 42 operators, who between them run close to 140 gaming sites.
Revenues from poker software rocketed 851 percent to $4.8 million, while its main casino business grew 129 percent to $40.4 million.
"As a result of our various initiatives, the global markets, in which we hold strong positions and the continued growth being enjoyed by the online gaming market worldwide, I look forward to the second half of the year with confidence," Chief Executive Avigur Zmora said in a statement.
Playtech said it would pay an interim dividend of $18.5 million, or 8.7 cents a share, on October 6.
Playtech was founded in late 1999 and floated on London's junior AIM stock market in March.
Playtech's adjusted net profit figure excludes the founders' cash contribution and employee stock option expenses of $6.8 million.
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