FTSE 250 listed igaming technology supplier Playtech posted its 2015 opening quarter performance, reporting top line metric growth on all key verticals as the operator extended its technology provisions and signed new customers in the period.
In what has so far been a tough first quarter for online gambling operators who have faced increasing tax costs and unfavourable sports result during the period, Playtech recorded a revenue uplift of 31% to €134 million (Q1 2014: €102 million).
Playtech’s strong performance during the period had been driven by growth in its casino vertical which had increased 28% to €70.9 million (Q1 2014: €55 million). The company’s Igaming services increased revenues to €37.8 million up 27% on Q1 2014 €29 million.
Playtech governance were keen to note vast revenue improvements of the company’s land based services which had grown 198% during the period to €8.3 million (Q1 2014: €2.8 million), as the technology supplier prepares for a large scale omni-channel push in 2015.
Q1 2015 operational highlights for Playtech included the extensions to provision services with Ladbrokes and the signing of a 20-year provisions partnership with Finland state owned operator RAY.
Playtech governance further underlined the company’s strong product competencies which had seen a strong demand for its platform services by igaming operators and the launch of new products such as Virtual Sports features and Rainbow Riches Bingo.
After reporting a strong opening quarter, Playech remain confident of hitting all company targets in 2015, with daily average revenues up 9% during Q1 2015.
Mor Weizer, Chief Executive Officer of Playtech, commented on Q1 2015 performance :
“Playtech has seen a strong start to 2015 with continued execution against our strategy which has delivered both on an operational and financial basis. We have signed new licensees, furthered our relationship with existing licensees and continued to lead industry innovation, including launching an app for the Apple Watch on the day it was released, and saw further progress with Playtech ONE initiatives.”
“We also announced two important strategic transactions with the acquisition of TradeFX, an online CFDs and binary options broker and trading platform provider which is highly complementary to Playtech’s existing business and Yoyo Games, enhancing our social gaming offering. “The strong start we have made to the year, together with the progress we continue to make in all aspects of the business both on an organic and inorganic basis, gives me great confidence in our ability to deliver strong growth in 2015 and beyond.”
Playtech Performance Overview – Q1 2015