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Author: Playtech's profits soar by 71% after venture with William Hill proves a profitable decision. The company now has a market value of £1.22 billion pounds
Playtech Ltd has seen its sales rocket in the last year and has posted a 71% increase in full-year profit in response to its venture with William Hill Plc. In a recently released statement, the internet gambling software developer has said it made a "strong start" to 2010.
Playtech began a deal back in January 2009 which saw it gain an approximate 29% share in William Hill's gambling web sites, as well as an added 22.5 million euros of income. The company is now seeking acquisitions and ventures to help it add software customers and in January 2010 it announced an agreement with New York based Scientific Games Corp to develop products together.
“It’s definitely a huge opportunity for us and a gateway to the U.S. market,” Chief Executive Officer Mor Weizer recently told analysts.
This was followed in February with the confirmation that Playtech had acquired Virtue Fusion Ltd for £29 million, to add online bingo products. The company has added more than 90 games in the last year alone, and signed 13 new licensees. It is expected to add 10 more in 2010, according to Mr Weizer.
Analysts estimate that Playtech's adjusted earnings before tax, depreciation and amortization to be around 108 million euros, an increase on last year's earnings of 25% from 93.7 million euros.
Net income climbed from 40.7 million euros or 17.3 cents per share last year, to 69.5 million euros or 28 cents per share.
“Playtech is building momentum through a combination of newly regulated markets, acquisitions and strategic deals,” wrote Nick Batram, an analyst with KBC Peel Hunt.
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Tags: internet gambling, playtech, william hill
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