Playtech Limited
10 May 2007
10 May 2007
Playtech Limited
('Playtech' or 'the Company')
First Quarter Trading Update
Playtech (AIM: PTEC), the international designer, developer and licensor of
software for the online and land-based gaming industry, announces today its
trading update for the first quarter of 2007.
Financial Highlights
•Total revenues were $19.8 million, representing an increase of 14% on the
$17.4 million achieved in Q4 2006 and a decrease of 5% on the $20.8 million
in Q1 2006
- Casino revenue totalled $15.2 million, an increase of 7% from $14.3
million in Q4 2006 and a reduction of 17% from $18.3 million in Q1 2006
- Poker revenue totalled $4.2 million, an increase of 56% from $2.7
million in Q4 2006 and an increase of 102% from $2.1 million in Q1 2006
•On a pro forma basis, which excludes royalty contributions from the US in
2006, total revenues increased by 22% compared to Q4 2006. Compared to Q1
2006 total revenues increased by 85%. Calculated on the same basis:
- Casino revenue increased by 14% compared to Q4 2006 and increased by
62% compared to Q1 2006
- Poker revenue increased by 64% compared to Q4 2006 and increased by
257% compared to Q1 2006
Migration of Tribeca Licensees
During March 2007 the migration of the Tribeca licensees onto the iPoker network
was successfully completed, one month ahead of management expectations.
Following this migration and internal growth of existing licensees, Playtech's
iPoker network has more than doubled its number of players and has become one of
the world's largest poker networks.
Total revenue for the quarter included a contribution from the migrated
licensees during part of the last month of the quarter. Playtech's revenues from
the migrated licensees are being generated both from the licensees' poker
activity (rake) and their side games activity. The second quarter of the year
will include a full three month revenue contribution from these licensees.
A large portion of the migrated licensees have added the casino side games to
their poker clients thus creating an additional revenue stream which will be
reflected in the Company's casino revenues going forward.
Geographical Analysis
The European segment has grown significantly over the past year and is expected
to continue to show further growth following the Tribeca acquisition and as a
result of internal growth from existing licensees. The slowing of the Asia
Pacific segment is mainly attributed to the restructuring of one of the
Company's licensees, which is due to be completed by the end of the second
quarter.
Current Trading
Playtech has concluded a very positive first quarter of 2007 and this trend is
continuing into the second quarter
The Company expects that one of its existing licensees in the Asia Pacific
region will conclude its restructuring in the next couple of months.
The Company continues to develop its land-based product through its Videobet
division. Videobet has concluded the development of its server based, LAN and
stand-alone terminals and continues to invest in expanding its games offering
portfolio to accommodate the requirement of the European, Asian and South
American markets.
The Company expects additional growth through potential licensing deals which
are currently being negotiated with online operators. The recent regulatory
changes in various jurisdictions are creating significant business opportunities
which Playtech is actively pursuing.
Mor Weizer, Chief Executive Officer, commenting on the results, said today:
'Playtech has started the year extremely well and this is likely to continue
into the second quarter of the year. Recent changes across various regulated
markets are creating significant business opportunities for Playtech, which we
are actively pursuing. We look forward to developing these opportunities
supported by our strong focus on product innovation and development.'
First Quarter Key Performance Indicators at 31 March 2007
Revenues
Three months ended 31 March 31 March Change 31 Dec Change
'000 ($) 2007 2006 2006
Total Revenues 19,792 20,767 -5% 17,353 +14%
Casino Revenues 15,215 18,246 -17% 14,255 +7%
Poker Revenues 4,221 2,090 +102% 2,699 +56%
Revenues - excluding contributions from the US
Three months ended 31 March 31 March Change 31 Dec Change
'000 ($) 2007 2006 2006
Total Revenues 19,792 10,702 +85% 16,257 +22%
Casino Revenues 15,215 9,368 +62% 13,360 +14%
Poker Revenues 4,221 1,182 +257% 2,579 +64%
Geographical Diversity (excluding US)
Relative Share of Geographical Diversity(1)
Three months ended 31 March 31 March 31 Dec
2007 2006 2006
Europe 65% 48% 57%
Asia Pacific 24% 41% 30%
Rest of the World 11% 11% 14%
Nominal Change in Geographical Regions
Period Q1 2006 to Q1 Q4 2006 to Q1
2007 2007
Europe +112% +33%
Asia Pacific -8% -6%
Rest of the World +49% -11%
(1) The relative share is calculated as the total players income derived from
the specific region divided by the total players income from all regions
- ends -
Analyst Conference Call
An analyst conference call has been organised for 9:00 am GMT today hosted by
the Chief Executive Officer, Mor Weizer.
The dial-in details are: +44 (0)208 515 2352
Conference call title: Playtech KPI's
For Further Information:
Mor Weizer, CEO, Playtech Ltd
c/o Bell Pottinger
Tel: 020 7861 3232
www.playtech.com
David Rydell / Helen Tarbet
Bell Pottinger Corporate & Financial Tel.020 7861 3232
--------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
AI Summary Disclaimer BETA
The content you are viewing has been generated or assisted by artificial
intelligence (AI). While efforts are made to ensure accuracy and clarity, AI-generated text may
contain inaccuracies, outdated information, or subjective interpretations. This content is intended
for general informational purposes only and should not be considered professional advice or factual
confirmation.
We encourage you to independently verify any information provided,
especially if it will be relied upon for making decisions or taking action. Any reliance you place
on this material is strictly at your own risk. The AI system that produced this content cannot
assess the specifics of individual circumstances, and results may vary based on context and
individual needs.
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.
Create an Account
Create your FREE account to receive personalised announcements, watchlists, market updates, investment insights and new features.
Personalise your experience
Tell us a little about yourself to receive personalised content, announcements and relevant investment opportunities.