AGM Statement

RNS Number : 6177M

Playtech Limited

27 May 2010

 



Playtech Limited

("Playtech" or "the Company")

Annual General Meeting statement

At the Annual General Meeting of Playtech Ltd this morning the Company's Chairman, Roger Withers, will make the following statement:

"I am delighted to be able to report another year of growth and progress by Playtech. In 2009 the Company saw gross income rise by 23% to €137.3 million and revenues by 3% to €114.8 million. The benefit of the strong growth drivers behind Playtech's business has helped deliver a 25% increase in adjusted EBITDA to €93.7 million, 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.

As previously announced, given this strong financial performance, the Board has recommended a final dividend payment of 9.4 € cents which gives a total dividend of 18.3 € cents per share for the year. This is in line with our stated dividend policy and an indication of the Board's confidence in the continued performance of the business.

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.

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.

With an established reputation, a long track record of success and key strategic partnerships, Playtech is well placed to take advantage of these opportunities. A focus on development and innovation enables our product suite to continually evolve, offering cutting-edge gaming solutions to both existing and new operators.

These transactions and the financial results for the year could not have been achieved without the determination and dynamism of the executive management team and the commitment of every employee. I would like to thank each one for the contribution they made to ensure that 2009, our 10th year of operations, was successful.

Turning to current trading conditions, after a strong first quarter of 2010, performance has continued to improve and we have experienced positive player activity throughout the first six weeks of the second quarter. While the new regulations in France will affect certain of our licensees and reduce activity in the second half, the Company has positioned itself to capitalise on the new opportunities to grow revenues both here and in other markets, as has been evidenced by the announcement last week of the contract for the Finnish state operator, RAY.

After a year of considerable progress and corporate actions, we believe we are well positioned with a clear strategy and the means to capitalise on the exciting opportunities ahead, particularly in regulated markets, and so we remain confident for the prospects of the Company going forward.     

- Ends -

For further information contact:

Playtech Ltd Mor Weizer, Chief Executive  Shuki Barak, Chief Financial Officer Ross Hawley, Head of Investor Relations c/o Pelham Bell Pottinger	[phone]
Collins Stewart Piers Coombs / Bruce Garrow	[phone]
Deutsche Bank Mumtaz Naseem	[phone]
Pelham Bell Pottinger David Rydell / Olly Scott / Samantha Boston	[phone]

About Playtech

Playtech develops unified software platforms and content for the remote and land-based gaming industry. Leading gaming applications include casino, poker, bingo, sports betting, live gaming, casual and fixed odds games. Playtech provides licensees with the tools to maximise cross-selling opportunities, player loyalty and yield, all through the powerful management interface - the IMS. The system's fully integrated, cross-platform capability enables players to access online, broadcast, mobile and server-based gaming terminals, through a single account.

New licensees include existing online operators upgrading or diversifying their offering, land based casino groups, government sponsored entities such as lotteries, and new entrants making their online gaming debut, particularly in the newly regulated markets.

Founded in 1999, Playtech is headquartered in the Isle of Man and has over 1,000 employees located in development centres in five countries, the majority of whom are engaged in research and development of current and future gaming technologies.

www.playtech.com

 

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