Playtech Cyprus Ltd. (LSE:PTEC) reported 30% revenue growth in its interim management statement for the third quarter of 2012
Revenue rose 30% to €79.9 million for the third quarter from €61.5 million for the corresponding quarter of 2011. Playtech's share of profit in William Hill Online rose 50% to €12.8 million from €8.6 million.
Playtech reported 33% casino and 17% bingo revenue growth, to €38.5 million and €4.4 million, respectively, but 27% lower poker revenue to €4.1 million. Videobet revenue rose 33% to €2.9 million for the third quarter from €2.2 million for the corresponding quarter, and services revenues rose 38% to €26.9 million from €19.5 million.
Geographically, Europe's share of Playtech's revenue continued to slide in the third quarter, although it was still the largest source of revenue, while Asian revenue increased. Europe accounted for 65% of Playtech's third quarter revenue, down from 73% in the corresponding quarter, and Asia accounted for 29% of revenue, up from 20%. In absolute terms, revenue rose in both regions: revenue from European operations rose 13% from €45.5 million for the corresponding quarter to €52 million for the third quarter, and revenue from Asian operations rose 91% from €12 million to €23.2 million.
Playtech CEO Mor Weizer said, "Playtech has continued its strong performance into the third quarter, delivering impressive year-on-year growth across the business, in what is usually a seasonally quiet period. Encouraging progress has been made with significant licensee launches, new mobile solutions including the unique mobile hub and mobile bingo application. We anticipate the new poker liquidity program will improve this part of the business, assisted by further licensee wins."
Weizer added that PTTS, Mobenga and Ash Gaming continued to perform strongly and that William Hill Online once again exceeded expectations, which he said was "proving to be a transformational partnership for William Hill plc (LSE: WH) and Playtech."
Weizer concluded, “The positive trend experienced in the third quarter has continued into the fourth quarter."
Playtech's share price rose 2% in morning trading in London to £4.19, giving a market cap of £1.2 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on November 7, 2012
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