PlayTech Announces Upbeat Financial Results

This week Playtech plc, the turnkey operation and developer of online gambling software casino provider is in an upbeat mood as it products its 2007 financial results, which are coming out early in March are going to meet market expectations.

This is in part due to the significant growth in revenues experienced by the company at the end of 2007 which backs up Playtech’s statement that it continues to enjoy heavy upbeat trading. At the end of last year monthly revenues reached a record level. The results for the fourth quarter of 2007 exceeded expectations and the company’s directors are confident that the company will also do well in 2008.

In accordance with five estimates put forth by Bloomberg, Playtech’s pretax profit for 2007 is projected to achieve $68.8 million, based on sales of $102.8 million.

As a reaction to the United States legislation that went into effect last year criminalizing Internet gambling financial transactions, Blomberg reports that Playtech has been adding products and entering into new markets to offset customer losses. For the six months ending June 30th, net income fell by 5% to $29 million. This occurred when the company’s licensees withdrew from the States. There was a concomitant drop in revenue of 4.8% to $44 million.

Avigur Zmora who is the company’s current Executive Vice Chairman has reported various changes at the top by the software developer, with his being appointed as a senior consultant and company Non-executive Director. Zmora will continue working closely with management and plans to focus in particular on strategic matters. The person to replace him has not yet been announced.

Back to News Archive - January 2008
Back to News Archive
Back to Latest News