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PLAYTECH OPTIMISTIC ON 2007 RESULTS
Trading update is upbeat
The online gambling software developer and turnkey casino provider Playtech plc is in optimistic mood this week, predicting that its 2007 results due out in early March will meet market expectations.
The statement reveals that Playtech continues to enjoy buoyant trading and has experienced significant growth in revenues towards the end of 2007, when monthly revenues reached a record level. With trading in the fourth quarter of 2007 exceeding expectations, the directors are confident of the company's trading performance for 2008.
According to the median of five Bloomberg estimates, pretax profit for 2007 is likely to reach $68.8 million on sales of $102.8 million.
The business news service reports that Playtech has been adding products and moving into new markets to offset customers lost after the U.S. passed a law to criminalise Internet gambling financial transactions. Net income for the six months ended June 30 fell 5 percent to $29 million because its licensees withdrew from the country. Revenue dropped 4.8 percent to $44 million.
Changes at the top are also reported by the software developer, with current Executive Vice Chairman Avigur Zmora being appointed a Non-executive Director of the Company and a senior consultant. He will continue to work closely with management with a particular focus on strategic matters. It is not clear who will take his former position.
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