Playtech shows 97% revenue increase in Q1

Playtech shows 97% revenue increase in Q1 The online gambling software developer Playtech Ltd (LON:PTEC) reported a 97% revenue increase in the first quarter of 2008, compared to the same timeframe last year. The revenues of the online gambling company totaled $39 million, compared with $19.8 million in the first quarter of 2007, up 19% on the Q4 of last year. Playtech casino revenues grew 79% from $15.2 million in Q1 of 2007 to $27.2 million in the first quarter of 2008, but the real winner was poker with an increase of 161 percent from $4.2 million last year's Q1 to $11 million in the same period this year. "We are not revising our forecasts this morning, but, given the strong start made to Q2, the upcoming launch of new licensees and products, we think the risk to forecasts are clearly on the upside," said Richard Carter, analyst at Numis, who have Playtech stock as "buy". Playtech also reported they have signed 9 new license agreements this year, with two licensees launched at the end of the first quarter and have also signed 3 new agreements in the Q2 already.

Published on 05/06/2008