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Playtech’s financial results for the first half of 2011

Playtech Limited, an iGaming online gambling software developer revealed their financial results for the first six months of 2011 that saw an 8% rise in gross income on a continuing basis to €95 million when compared to last year’s figure.

Playtech’s adjusted earnings before interest, tax, depreciation and amortisation also experienced an increase of 4% to €56.1 million over last year. However, their earnings margin took a hit down by 3% to 59% regardless of the loss of revenues from its withdrawal from the French Market. The total revenues on a contributing basis swelled by 18% and 5% on an absolute basis to €76.3 million when compared to the same period last year.

In the end, Playtech happily reported a 2% increase in profit after tax to €37.9 million over last year and a €64.3 million in cash and cash equivalents aided by ‘continued high cash conversions’.

Roger Withers, Playtech’s Non-Executive Chairman stated that “Playtech has continued to make strong progress in an uncertain market, winning new licensees, exploiting opportunities in existing and soon to be regulated markets and identifying valuable acquisitions that will add to the group’s offering.”

“Despite the complexity and uncertainty of moves towards regulation in Europe and the US, Playtech has positioned itself, both independently and through its joint ventures, to benefit from the continued growth of the online gaming market. As more jurisdictions move towards regulation, Playtech is able to offer new and existing operators a market-leading suite of products and services, helping them to navigate the complexities of changing regulatory environments.

“With a strong pipeline of new opportunities and the continued development of our offering, we look to the second half and beyond with optimism and are excited about the future as Playtech is increasingly consolidating its position as the supplier of choice for technology and services for the worldwide online gaming industry.”

Playtech stated that “The board has determined that, due to exceptional joint venture and near-term acquisition opportunities currently under discussion in certain key markets, it will defer a decision over the interim dividend until the final results for 2011 in order to retain maximum flexibility.”

“Significant joint venture opportunities exist to create long-term shareholder value in other regulated markets. The board remains confident in meeting its expectations for the year.”

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