21st May 2014 09:03
LONDON (Alliance News) - Playtech PLC Wednesday said it considering how best to use its cash resources after selling it stake in William Hill Online and remains confident of future progress in 2014 after an "exceptional" year of growth in 2013 which saw revenue rise 17% on 2012.
At the end of 2013, the online gaming software supplier said it had EUR527.4 million in cash following the sale of its stake in William Hill Online to William Hill PLC. Playtech had held a 29% stake in the gaming business.
Playtech said given the cash-generative nature of its business and its existing cash resources, it is assessing the potential for value-enhancing acquisitions, joint ventures and partnerships, particularly focused on regulated markets.
In a statement ahead of its annual general meeting Wednesday morning, Playtech said it is also pleased that its largest shareholder, Brickington Trading Ltd, chose to release 29.3 million shares from its holding earlier this year, creating additional free float and liquidity in Playtech's issued share capital.
Playtech shares were trading up 1.8% at 595.00 pence Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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