22nd Oct 2014 06:40
LONDON (Alliance News) - Playtech PLC Wednesday said revenue rose by more than a quarter in the third quarter of the year, and it's confident of exceeding current market expectations for the full year, as its casino product sales in particular powered ahead.
The gaming software developer said revenue was EUR116.5 million in the three months to end-September, up from EUR90.6 million a year earlier, as casino software sales rose by a third to EUR62.4 million. It added that average daily revenue for the first 21 days of the fourth quarter is up by more than 22% on the year and up by more than 2% compared with the third quarter.
"Management is confident of exceeding current market expectations for the full year," it said.
Revenue was up for each sector the company provides software to, but casino is its biggest business.
"The strong growth seen through the first half continued through the third quarter resulting in the strongest-ever quarterly performance, driven by our flagship casino, including mobile and Live, sport betting, land-based revenue and services," Chief Executive Mor Weizer said.
"During the quarter we launched innovative live casino offerings for both Skybet and RAY, along with a powerful web and mobile sport offering for the newly launched GazzaBet website for RCS Media in Italy. This represents the first phase of a full turnkey solution, and we expect to launch casino and mobile casino in due course," the CEO added.
The current consensus forecast for Playtech's full-year pretax profit is EUR134.62 million, according to figures from seven analysts on Morningstar. Consensus for earnings per share is EUR44.86.
By Steve McGrath; [email protected]; @stevemcgrath1
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