Playtech Limited BVI, engaged in the design, development and licensing of software for online gaming industry, announced its audited financial results for the year ended 31 December 2008. The company reported total revenues of €111.5 million – up 70 per cent from €65.7 million in 2007. Casino revenues and poker revenues also increased this year, and made €79.4 million and €30.1 million respectively, compared to €47.4 million and €17.4 million in the previous year.
Adjusted net profit of Playtech made €78.6 million, which is a 79 per cent increase from €43.9 million in 2007, resulting in an adjusted net profit margin of 70 per cent (67 per cent in 2007). Net profit was €40.7million (€26.3 million in 2007) – 55 per cent increase resulting in a net profit margin of 37 per cent.
The company reported 74 per cent increase of earnings before interest tax and amortization expenses, which made €73.0 million in 2008 (€42.0 million in 2007). Cash and cash equivalents in the reported year were €31.6 million, while in 2007 they were €54.8 million. Basic earnings per share made 34.5 cents (20.4 cents in 2007). Cash generated from operating activities made €68.7 million, compared to €39.7 million in the previous year.
Among the operational highlights of the BVI corporation, reported for the year 2008, there are completion of the series of transactions announced in October 2008; signing 15 new license agreements with high quality operators; raising €141 million before expenses by placing of 21,620,946 new Ordinary Shares at a price of 520p per share; changing currency to Euros, – due to this fact the majority of company’s revenues and expenses are now settled in Euros.