Playtech Shows Large Increases

Playtech is pleased to announce the fact that they are showing large increases in their online slots and gambling revenues. The Isle of Man company was hurt by the passing of the Unlawful Internet Gambling Enforcement Act, as were all online gambling companies, but they have turned it around and exceeded expectations.

The company posted their 2007 results this week and are happy to report total revenues exceeding $100 million. Their revenues went up 86% to $103.6 million, which includes a 58% increase in casino revenues to $74.7 million. They also had 269% growth in online poker to bring it to $27.4 million through their iPoker network.

The company is showing an adjusted net profit before tax of $70 million, which is $2 million more than the year before. Their operating activities had also dropped to $62.6 million, down from $72.6 million the previous year.

They are also showing cash investment in the Asian CY Foundation of $10.25 million which increased to a value of $18.9 million as of December 31st of last year. They had deferred revenues of $27.6 million in their balance sheet. A similar investment in AsianLogic Plc was to the tune of $5 million, which had a value of $15.9 million with deferred revenues of $10.6 million.

With their staff having increased to 650 and plans for new slots games as well as table and card games on the horizon, it would seem that Playtech is in it for the long hall and could be considered a wise investment.

 

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