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Poker.co.uk - Poker News Archive
Friday 5th June 2009 Playtech Pleased With William Hill
Playtech Limited, a leading global designer, developer and licensor of software for the online and mobile gaming industries, has announced its financial results for the first quarter of 2009 showing a 46 per cent year-on-year increase in gross income to €36 million.
The Isle Of Man-based firm revealed that this was the first operational quarter since it agreed a five-year software licensing agreement with William Hill last year to create an updated online presence for the leading British betting and gaming operator.
Playtech stated that gross income for the first quarter was a 14 percent rise on the €31.5 million it achieved for the final three months of last year while its earnings before interest, taxes, depreciation and amortisation margin now exceeds 83 percent, reflecting the higher margin contributions from the William Hill online business.
It announced net cash of €53 million, an increase of €21.4 million from its year-end position, while total revenues for the first quarter of 2009 came in at €28.2 million, a 14 percent year-on-year rise but a ten percent decrease on the €31.5 million it made over the final three months of last year.
“Despite the worldwide macro-economic environment, Playtech has delivered a strong first quarter,” read a statement from Playtech.
“Pro-forma group revenues, adjusted historically for like-for-like comparison, show a one percent decrease for the first quarter of 2009 on the previous quarter taking only 13 days of William Hill poker business that migrated on March 19, 2009.
“In line with the company's strategy to focus on anticipated regulatory change in different jurisdictions, Playtech has made significant progress both in Europe and outside Europe. The company also signed three additional memorandums of understanding with operators in the period bringing the total number of signed memorandums of understanding to eight. In addition, the company progressed in its discussions with various operators and maintains a strong pipeline of exciting opportunities.”
Source: OnlineCasinoNews
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