Online gaming software provider Playtech (LON:PTEC) reported another year of growth and progress with gross income up 23% to €137.3m and revenues by 3% to €114.8m. The group said the benefit of the strong growth drivers behind Playtech's business has helped deliver a 25% increase in adjusted EBITDA to €93.7m, including the group's share of profit before amortization from William Hill Online. "In 2010 Playtech continues to make excellent progress and the board remains optimistic regarding the future," the company said. A final dividend payment of 9.4 euro cents will be paid which gives a total dividend of 18.3 euro cents per share for the year.

Chairman, Roger Withers, said in his AGM statement: "There are a number of key drivers which underpin the Board's belief in the continued growth of the business. We believe the future of online gaming is in regulated markets and we have positioned the company to benefit from these opportunities. Many of our new licensees operate in regulated markets where we believe significant long term growth opportunities exist for the group. Furthermore the increasing perception of online gaming as a mainstream entertainment format looks set to open new geographical and strategic markets."

He added: "As Governments explore expanded gaming opportunities it is the incumbent lottery operator which is in a strong position to benefit from any new regulation, or may even be the sole provider permitted under such regulations. We see excellent prospects for working with government monopolies and lottery providers as their markets open up for online gaming. Through Sciplay, our exclusive joint venture with Scientific Gaming, we believe it will be able to capitalise on some of the most exciting opportunities in this segment. We are therefore excited about the prospects for our substantial strategic initiative in this area.

"Finally, we have played an active part in the industry's consolidation, acquiring the games platform developer Gaming Technology Solutions Limited (GTS) in December 2009 and the leading Bingo network provider, Virtue Fusion after the year end in February 2010. Through these deals Playtech has enhanced its position as the world's leading B2B provider in online gaming."

Turning to current trading conditions, Mr Withers said that after a strong first quarter of 2010, the company's performance had continued to improve and it had experienced positive player activity throughout the first six weeks of the second quarter.…

Unlock the rest of this article with a 14 day trial

Unlock with Email
Unlock with Google

Already have an account?
Login here