Playtech 2009 Results Released

While many companies are struggling in this poor economy, Playtech is not counted amongst them. In fact, they are thriving. Recently, they reported gains of 25%. This excludes debt, tax, interest, debt and amortization. They also reported an increase in net profit of more then 70% for 2009.

Playtech is an egaming software provider that is based in Israel. The company’s adjusted EBITDA increased from £74.7m (2008) to £83.8m (2009). They performed better then expected in this regard. In addition to the above increases, Playtech also saw their net profits rise from €40.7m to €69.5m. Other positive financial markers included Gross income which jumped 23% from €111.5 (2008) to €137.3m. Many believe the aforementioned financial gains were in part to the company’s joint venture with William Hill Online which began in 2008.Hill provided casino and online poker services. That deal proved to be quite profitable and helped Playtech net €22.5m.

Because of their strong financial standing Playtech has been in the mood to expand, mostly via acquisitions. They have been involved in several major deals including one with Gaming Technology Solutions (GTS) in December of 2009 and then Scientific Games/Sportech in January. They continued to seek and take part in deals, following up the last acquisition with one just last month (February) with Virtue Fusion. These deals helped Playtech strengthen their positions in the following areas, bingo, lotteries and casino.

Playtech’s Chief Executive Officer, a Mr. Mor Weizer, announced his great pleasure concerning the financial standing of the company and their current moves to further increase their reach and improve their offerings. Weizer believes that the diversity of their recent acquisitions has been a major contributor to both their recent and future successes. Playtech plans to go full-steam ahead, taking advantages of their gains with the goal of continuing their excellent financial standing and growth.