27th Apr 2015 06:40
LONDON (Alliance News) - Playtech PLC expressed confidence for strong growth in 2015 as it delivered a strong start to the year, with revenue up 31% in its first quarter.
Playtech provides software and services for the gaming industry, although it recently made a foray into the financial services market by buying a 91.1% stake in online contract-for-difference and options broker TradeFX Ltd for up to EUR458 million earlier this month.
The company said its revenue for the first quarter of 2015 was EUR134.9 million, up from EUR102.7 million a year before, and up from EUR126.2 million in the fourth quarter of 2014. This was mostly driven by a strong performance from its Casino and Services segments, and a big jump in its Land-based revenue, which offset a slight decline in Poker revenue.
Playtech said it had seen a strong performance across its regions and product verticals and a boost from acquisitions. At constant currency, revenue rose only 16%, due to significant weakness in the euro.
Daily average revenue in the quarter was up 9% in the first quarter compared to the fourth quarter of 2014. Average daily revenue for the first 25 days of the second quarter is up 25% compared to the same period in 2014.
"The strong start we have made to the year, together with the progress we continue to make in all aspects of the business both on an organic and inorganic basis, gives me great confidence in our ability to deliver strong growth in 2015 and beyond," said Chief Executive Officer Mor Weizer in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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