PLAYTECH PLC
Playtech plc
( " Playtech " or the " Company " )
Interim Management Statement
Acceleration from first half to give best-ever quarterly performance
Playtech (LSE: PTEC) today announces its Interim Management Statement for the three months ended 30 September 2014, ("Third Quarter", "Q3" or the "Period") and a trading update.
Financial highlights
Q3/14 |
Q3/13 | Change on Q3/13 | ||
Casino | 62.4 | 46.8 | 33.3% | |
Services | 34.0 | 28.5 | 19.3% | |
Sport | 7.1 | 3.4 | 108.8% | |
Bingo | 4.6 | 4.2 | 9.5% | |
Land-based | 3.5 | 2.9 | 20.7% | |
Poker | 3.3 | 3.2 | 3.1% | |
Other | 1.6 | 1.6 | - | |
Total revenue | 116.5 | 90.6 | 28.6% | |
Cash and cash equivalents as at 30 September 2014 of € 402.4 million (30 September 2013: € 523.2 million).
Trading update
Average daily revenue for the first 21 days of Q4/14 is up over 22% on Q4/13, marginally above the level reported so far this year, and up over 2% on Q3/14. Management is confident of exceeding current market expectations for the full year.
Operational highlights
§ Launched Casino and Live with Skybet
§ Launched GazzaBet sport on web and mobile for RCS Media in Italy, representing the first phase of a full turnkey solution
§ Launched a turnkey white-label arrangement with Trinity Mirror
§ Acquired Aristocrat Lotteries to become the largest supplier of VLT software in the world
§ Acquired a 33.3% stake in BGO for £10 million, giving Playtech access to a game design studio and will shortly move across to the Playtech platform
§ Ray launched a unique Playtech powered Live offering in Finland
§ Implemented bespoke CMS and retail estate for Casino Campioni D'Italia, the largest casino in Europe
§ William Hill renewed its contract for the provision of Playtech's bingo product
Mor Weizer, Playtech's Chief Executive Officer, commented: "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.
"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.
"We started to deliver on our turnkey strategy with three licensees moving their UK-facing activity to the Playtech white label structure, strengthening our position as a key provider and demonstrating the financial and operational benefits that can be achieved by using our turnkey offering.
"Looking ahead, the management team is confident of exceeding current market expectations for the full year."
Quarterly performance
Revenue | Q3/14 (€m) | Q3/13 (€m) | Change on Q3/13 | Q2/14 (€m) | Change on Q2/14 |
Casino | 62.4 | 46.8 | 33.3% | 60.8 | 2.6% |
Services | 34.0 | 28.5 | 19.3% | 31.6 | 7.6% |
Sport | 7.1 | 3.4 | 108.8% | 6.8 | 4.4% |
Bingo | 4.6 | 4.2 | 9.5% | 4.4 | 4.5% |
Land-based | 3.5 | 2.9 | 20.7% | 3.0 | 16.7% |
Poker | 3.3 | 3.2 | 3.1% | 3.6 | -8.3% |
Other | 1.6 | 1.6 | - | 1.4 | 14.3% |
Total | 116.5 | 90.6 | 28.6% | 111.6 | 4.4% |
Revenueby geography
Q3/14 | Q3/13 | Q2/14 | |
Europe | 56% | 64% | 57% |
Asia | 36% | 25% | 34% |
Rest of the world | 8% | 11% | 9% |
Conference call
Mor Weizer, Chief Executive Officer, and Ron Hoffman, Chief Financial Officer, will host an analyst conference call today at 9.00am.
Details of the conference call are as follows:
Dial-in no UK: +44 (0)20 3427 1919
Dial-in no US: +1 (646) 254 3360
Conference ID: 3662932
Replay (available for one week)
Dial-in no UK: +44 (0)20 3427 0598
Dial-in no US: +1 (347) 366 9565
Conference reference number: 3662932
An audio file will be also available on the Playtech website following the conference call.
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For further information contact:
Playtech Ltd Mor Weizer, Chief Executive Officer Ron Hoffman, Chief Financial Officer c/o Bell Pottinger Adam Kay, Head of Investor Relations | +44 (0)20 3772 2500 +44 (0)20 7428 1776 |
Bell Pottinger David Rydell / Olly Scott / David Bass / James Newman | +44 (0)20 3772 2500 |
Forward looking statements
This announcement includes statements that are, or may be deemed to be, "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty since they relate to future events and circumstances. Actual results may, and often do, differ materially from any forward-looking statements. Any forward-looking statements in this announcement reflect Playtech's view with respect to future events as at the date of this announcement. Save as required by law or by the Listing Rules of the UK Listing Authority, Playtech undertakes no obligation to publicly revise any forward-looking statements in this announcement following any change in its expectations or to reflect events or circumstances after the date of this announcement.
About Playtech
Playtech develops unified software platforms and content for the online and land-based gaming industry, together with providing a range of ancillary services such as marketing, CRM services and hosting.
The Group's capabilities enable the delivery of an integrated software or turnkey solution, with players accessing online, broadcast, mobile and server-based gaming terminals through a single account.
New licensees include existing online operators upgrading or diversifying their offering, land-based casino groups, government sponsored entities such as lotteries, and new entrants making their online gaming debut, particularly in newly-regulated markets.
Founded in 1999, Playtech is listed on the London Stock Exchange and has more than 3,600 employees located in twelve countries. Its leading gaming applications include casino, bingo, poker, sports betting, live, mobile and social gaming, casual and fixed odds games.
This information is provided by RNS
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