Playtech Cyprus Ltd. (LSE:PTEC), controlled by Teddy Sagi predicts strong growth in 2013, after reporting double-digit revenue and gross profit growth for the fourth quarter and full-year of 2012.
Fourth quarter revenue rose 20% to €83.9 million from €69.6 million for the corresponding quarter of 2011, and gross profit rose 26% to €98.8 million from €78.4 million.
Full-year revenue rose 53% to €317.5 million from €207.5 million in 2011, and gross profit rose 51% to €368.1 million from €243.6million. Organic growth, excluding acquisitions made during 2012 was 19%.
Playtech's share of William Hill Online profits rose 71% to a record €15 million for the fourth quarter from €8.8 million for the corresponding quarter, and the full-year share rose 40% to €50.6 million in 2012 from €36.1 million in 2011. Playtech said that William Hill Online achieved its third consecutive year of double-digit growth.
Playtech's cash reserves fell to €51.9 million at the end of 2012 from €137.3 million a year earlier.
Playtech CEO Mor Weizer said, "As a result of the impressive performance in fourth quarter and since the beginning of the year, the board is very comfortable with market expectations for the full year and looks forward to 2013 with confidence."
A breakdown of revenue by region shows that, even though growth in Asia in 2012 was more than double growth in Europe (96% to 40%), Asia's share of the company's revenue fell from 74% in 2011 to 67% in 2012, while Europe's share of revenue rose from 20% to 26%.
Published by Globes [online], Israel business news - www.globes-online.com - on February 7, 2013
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