Playtech Release Excellent First Quarter Results for 2015
Playtech have just released their Q1 revenues and according to CFO Ron Hoffman the results are the best quarter that Playtech has ever delivered. It also marks the 15th quarter in a row that they have achieved double digit revenue growth.
Revenues for Q1 were up 31% from the same period in 2014 to reach €135 million and which was up from the €102.7 million in 2014. Even better was the fact that the amount achieved in the first quarter of 2015 was up 7% on the final quarter of 2014.
Playtech’s largest vertical Casino grew by 28% from the same period last year and was driven by organic growth and new business. The mobile casino doubled against the same period in 2013 and now represents 13% of the overall casino activity. Land based revenues tripled from the same quarter in 2014 with sports growing by 31%. This was driven largely by mobile activity in the UK with partners like Paddy Power, Gala Coral and Ladbrokes.
Following their acquisition of Yoyo Games and TradeFX, cash and cash equivalents were €700 million. Looking ahead for Q2 of 2015, the signs are good as already the average daily revenues for the first 25 days of April are already up by 25% from Q2 in 2014.
CEO Mor Weizer commented on the strong Q1 performance,” Playtech has seen a strong start to 2015 with continued execution against our strategy which has delivered both on an operational and financial basis. We have signed new licensees, furthered our relationship with existing licensees and continued to lead industry innovation, including launching an app for the Apple Watch on the day it was released, and saw further progress with Playtech ONE initiatives.”
He went on to comment on their strategic acquisitions,” We also announced two important strategic transactions with the acquisition of TradeFX, an online CFDs and binary options broker and trading platform provider which is highly complementary to Playtech’s existing business and Yoyo Games, enhancing our social gaming offering.”
Weizer was confident that their growth streak will continue in 2015 and beyond,” “The strong start we have made to the year, together with the progress we continue to make in all aspects of the business both on an organic and inorganic basis, gives me great confidence in our ability to deliver strong growth in 2015 and beyond.”