Playtech posts booming profits for 2006

Playtech Ltd., a booming designer, developer and licensor of software for the gaming industry, has posted its preliminary numbers for 2006 and the results are strong: Total revenues for the year were up 89% to $90.1 million.

A diverse market base and a broad portfolio of international clients in Europe and Asia insulated the company from the impact of the Unlawful Internet Gambling Enforcement Act (UIGEA), says Chairman Roger Withers, with two major deals also being reasons for growth.

Deal one: The acquisition of certain non-U.S. assets of Tribeca Tables Europe Limited, making it the world's leading poker network.

Deal two: A landmark five-year software licensing agreement with Chinese based Sino Strategic International, giving Playtech access to the huge Chinese gaming market.

A new long-term software licensing agreement with PartyGaming plc., signed in January of this year, is yet another route to further revenue enhancement, they say, with poker revenues already up 309% to $10.9 million last year.

"We look forward into 2007 with great enthusiasm," says Avigur Zmora, Chief Executive of Playtech, "and expect it to be a year of further growth.

"Geographical expansion will be completed and supported by the development and improvement of our product portfolio, resulting in an increase in the number of revenue streams available to the Group."

Playtech is the software provider of the iPoker network, which includes poker sites such as Titan Poker, Poker Ocean and USA poker.

courtesy of Christopher Hunt

News Added: 28 February, 2007

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