After posting significant profit growth in FY 2008, casino software powerhouse Playtech have continued to prosper through 2009, announcing another record year.
Full year net profit for 2009 was reported at EUR69.51 million, up 71% on 2008's figure of EUR40.69 million. The growth was driven in part by 13 new licensee sign-ups for the period, including Olympic and the Serbian Sate Lottery. But the key driver continues to be Playtech's happy marriage to William Hill.
A couple of years back Playtech secured a 30% interest in William Hill's online casino business, which seems to be going from strength to strength. That interest resulted in EUR22.5 million added to Playtech's bottom line in 2009. As the company's CEO puts it, 'We're seeing a good performance from our existing licenses'.
As one of the largest software licensors by participating player numbers, Playtech serve as a useful barometer of the state of the online casino, poker and bingo industries. The above figures suggest strong growth in the face of GFC headwinds.
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