Interim Management Statement

RNS Number : 8443F

Playtech PLC

30 April 2014

 



 Playtech plc

("Playtech" or the "Company")

Interim Management Statement

Strong momentum continues throughout first quarter

Playtech (LSE: PTEC) today announces its Interim Management Statement for the three months ended 31 March 2014, ("First Quarter", "Q1" or the "Period") and a trading update.

Financial highlights

Quarter-on-quarter revenue performance:

	Q1/14 (€m)	Q1/13 (€m)	Reported change (%)
Casino	55.4	44.1	25.6
Services*	29.7	26.3	12.9
Bingo	4.0	4.8	-16.7
Sport	5.6	4.6	21.7
Poker	3.8	4.4	-13.6
Land-based	2.8	2.4	16.7
Total revenue	102.7	87.5	17.4

*including contribution from PokerStrategy.com from July 2013

Cash

Cash and cash equivalents as at 31 March 2014: €375.8 million following distribution of £100 million special dividend and £40 million for the establishment of an employee benefit trust.

Trading update

Average daily revenue for the first 29 days of Q2/14 is up over 15% on Q2/13 (including contribution from PokerStrategy.com) and in line with the strong Q1/14 performance.

Operational highlights

§  Completion of full roll-out of our unique multi-channel solution to Coral betting shops

§  Completion of Ladbrokes's migration to Playtech's full product suite followed by transition to Playtech's IMS
  as the infrastructure for its entire betting and gaming operations

§  Significant advances made in mobile products encompassing tablets and smartphones, notably introduction of
  native applications

§  Genting selected IGS casino management for all UK casinos

§  Gala interactive launched in Sweden

§  Launch of unique tablet user interface with Gala Coral Bingo

§  New innovative Live Casino product launched including unique features to enrich player experience

§  Joined Gaming Standards Association as a platinum member and chair of the GSA's Online Gaming
  Committee, reflecting the Company's pivotal role in establishing industry-wide technical operating standards

§  Playtech named Best iGaming Software Provider Award at the International Gaming Awards

Mor Weizer, Playtech's Chief Executive Officer, commented: "Playtech has made a strong start to 2014.  The Company's diverse licensee base has delivered a robust performance driven by our flagship Casino, Live Casino, Sport Betting and mobile products.

"Over the first quarter we focused on operational progress in key areas that are an inherent part of our growth strategy; improving our Casino and Live offering, IMS and single wallet and Sports Betting capabilities. Our leading position in the mobile space has been bolstered by the launch of new products, including a number of innovative games along with poker and bingo designed specifically for tablets and smartphones.

"The two most significant achievements of the quarter were the completion of the roll out of our multi-channel solution to Coral retail outlets and the migration of the entire Ladbrokes online gaming offer onto the Playtech platform. This was followed by the significant milestone of Ladbrokes adopting our IMS as the infrastructure for its entire betting and gaming operations.

"Looking ahead, the Board remains confident regarding the continuing growth prospects for the Company."

Quarterly revenue performance

	Q1/14 (€m)	Q1/13 (€m)	Reported change (%)	Q4/13 (€m)	Reported change (%)
Casino	55.4	44.1	25.6	51.4	7.8
Services*	29.7	26.3	12.9	31.0	-4.2
Bingo	4.0	4.8	-16.7	4.3	-7.0
Sport	5.6	4.6	21.7	4.6	21.7
Poker	3.8	4.4	-13.6	3.5	8.6
Land-based	2.8	2.4	16.7	3.7	-24.3
Total revenue	102.7	87.5	17.4	99.8	2.9

*including contribution from PokerStrategy.com from July 2013

Geographical split

	Q1/14 (%)	Q1/13 (%)	Q4/13 (%)
Europe	58	66	62
Asia	33	22	28
Rest of the world	9	12	10

Conference call

Mor Weizer, Chief Executive Officer, and Ron Hoffman, Chief Financial Officer, will host an analyst conference call today at 9.30 am.

Details of the conference call are as follows:

Dial-in no UK: [phone]

Dial-in no US: [phone]

Conference ID: 4678929

Replay (available for one week)

Dial-in no: [phone]

Conference reference number: 4678929

An audio file will be also available on the Playtech website following the conference call.

- Ends -

For further information contact:

Playtech plc Mor Weizer, Chief Executive Officer Ron Hoffman, Chief Financial Officer c/o Bell Pottinger Adam Kay, Head of Investor Relations	[phone] [phone]
Bell Pottinger David Rydell / Olly Scott / Guy Scarborough	[phone]

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 over 3,400 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.

www.playtech.com

 

END

 

 

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