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Playtech’s year on year figures

In the first quarter of 2011, Playtech saw a 7% increase in their income to €46.6m (£41.4m) when compared to the year before.  Part of this success is due to the increased share of profit from its William Hill Online (WHO) joint venture.

WHO’s 34% share amounts to €9.9m. This increased profit by € 2.5m on the same quarter in 2010 and also increased up to 41% when compared to the final quarter of  last year. William Hill announced that Playtech won’t be selling its stake in WHO anytime soon.

When excluding pre-regulation revenues from France, the gross income and total revenues were up 20% and 16% respectively when compared to the first quarter of 2010 and casino revenues also increased by 23% over the year before to €25.4m.

Unfortunately, Poker didn’t enjoy the same success as revenues dropped by 25% when compared to the year before, 3% less in every quarter more or less.

 “We continue to develop new sources of regulated market income,” said Mor Weizer, the Chief executive. He added that the launch of the first €250 buy-in tournaments will take place in Italy since changes to that particular market in February.

“We are also in late stage discussions with a number of potential major new licensees across a number of jurisdictions both in Europe and elsewhere.”Weizer commented regarding the previous news of ‘Playtech in final stages to acquire Ash Games

The announcement in January of Playtech acquiring Intelligent Gaming Solutions has been officially completed as well.

“We don’t expect any change to consensus on the back of today’s update and on that basis the stock looks very attractively valued” said Simon French, an analyst with Panmure Gordon.

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