Playtech Cyprus Ltd. (AIM:PTEC), controlled by Teddy Sagi, posted double digit growth in 2011 and predicts that the trend will continue in the first quarter of 2012.
Full-year revenue rose 46% to €207.5 million in 2011 from €142.3 million in 2010. Net profit rose 21% to €112.8 million (€0.46 per share) from €93.2 million.
Playtech doubled its net cash balance to €137.3 million at the end of 2011 from €68.5 million a year earlier, after raising £100 million in December. The company will distribute a dividend of €0.165 per share.
Playtech said, "Like-for-like growth in daily average revenue for the first nine weeks of 2012 is up over 23% compared to the same period in 2011. The daily average revenues versus fourth quarter of 2011 on the same basis are over 3% ahead."
Earlier this month, Playtech signed a software licensing agreement with Mexican gaming operator Grupo Caliente. The deal follows two joint venture agreements signed in January, and the company's four acquisitions - Intelligent Gaming, Mobenga, Ash Gaming, and Geneity - in 2011. Following the launch of Italian cash poker and casino products, plans to enter the Spanish market are well advanced.
Playtech's share price fell 0.7% in early trading on London’s Alternative Investment Market (AIM) to ₤3.30, giving a market cap of ₤961 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 15, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012