Playtech Announces Revenue Rise As Withers Confirms Retirement

Online gambling software designer and supplier Playtech has reported a 15% year-on-year increase in total revenues to €176.8 million ($237 million) in the first half of 2013 from €153.8 million the previous year.

The company, revealing its interim results for the six months until the end of June, said that gross income had shifted up by 10% to €194.9 million to generate an adjusted net profit of €84.9 million, up 0.5% on the corresponding period of 2012.

Playtech’s adjusted earnings before interest, tax, depreciation and amortisation increased by 3% to €94.3 million. With a cash balance at June 30 of €576.2 million, Playtech announced an interim dividend of 7.8 cents per share – the same as last year.

In announcing the figures, Playtech highlighted a number of important mobile developments, including recent launches by licence partners such as Betfred, Sky and Bet365, as well as further penetration into regulated markets such as France, Mexico and Spain.

“Once again Playtech’s tenacity and drive have been demonstrated in these results as it has focused on deepening its licensee relationships; creating innovative new content; and providing its customers with cutting edge products and services,” non-executive chairman Roger Withers said.

“As online gaming continues to focus on mobile, it is pleasing to see our investment in this increasingly important market paying-off across many product areas.

“The company continues to capitalise on its customer-focused strategy and strong balance sheet: Playtech remains the world’s leading supplier of technology and services for the online gaming industry and can look to the future with confidence and optimism.”

Playtech also announced that Withers will retire from the board and as non-executive chairman of the company on October 9.

Withers, who will step down after seven years in the role, will be retained in an advisory role, while Alan Jackson, currently the senior non-executive director, will take over as non-executive chairman.

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