Playtech Ltd., a prominent online gaming software developer based in the Isle of Man, announced a distinct rise in its fourth quarter income with great profits being raked in from its casino, bingo, and poker sections.
The online software developing company announced in an official press release that its gross income for the quarter ending on Dec 31 rose by 14 percent, making a total of €43.9 million or $60 million. The gross revenue has shot up by 21 percent, making a total of €36.9 million.
In the press release, Mor Weizer, the chief executive of Playtech, said that the company has successfully met its expectations for the quarter ending on Dec 31, 2010 and is looking forward to the New Year 2011, confident that it will be a year in which the company will grow in leaps and bounds.
Playtech says that it raked in 37 percent more profit from William Hill alone, raking in €30.8 million during the entire year. Trading business was 11 percent more than Jan 2010 during the first three weeks of Jan 2011, the company added.
Killian Murphy, a stock analyst of Goodbody Stockbrokers based in Dublin, wrote an email to his clients strongly recommending that they purchase the Playtech stock. In his email, he said that Playtech’s press statement indeed highlights the fact that the company has raked in great profits, a trend that will definitely continue into the next fiscal year.
Meanwhile Weizer made a conference call to various stock analysts and informed them that Playtech will soon appoint a new chief financial officer and has already identified a person for the purpose. Currently, Playtech’s chief financial officer is Shuki Barak.
Referring to the forthcoming appointment of a chief financial officer as a crucial step for Playtech to take, Weizer said that the company has checked out a number of potential candidates during the previous year. The company will soon make an announcement to the gaming market, he added.
The press statement also revealed a significant purchase made by Playtech recently. The company revealed that it has spent $4 million or £2.5 million in the purchase of Intelligent Gaming Solutions (IGS), a casino management systems developer. The company needs to pay £3.3 million more to completely acquire IGS. Although Playtech has cash reserves worth €68 million, the software developing company still has to pay €15.1 million to completely acquire William Hill Online.

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