Playtech Online Casino Developer to Meet Year-End Expectations
Playtech on track
Playtech (PTEC.L), the powerhouse of online casino and gambling software has decided not to pay an interim dividend until at least the final 2011 numbers are in due to multiple merger and acquisitions opportunities in the current market.
Playtech (PTEC.L), the powerhouse of online casino and gambling software has decided not to pay an interim dividend until at least the final 2011 numbers are in due to multiple merger and acquisitions opportunities in the current market.
Playtech, the world’s biggest internet gambling platform and online casino software game developer issues a statement regarding deferring their dividend today which caused the stock to slide 8 percent.
“Due to exceptional strategic M&A and partnership opportunities which are currently under discussion, in order to retain maximum flexibility, it (board) will defer a decision over the interim dividend,” Playtech said in a statement.
Despite the company doing better than last year and on track to meet year-end forecast, the jittery market took no chances. Playtech reported adjusted earnings before interest, tax and depreciation (EBITDA) of 56.1 million euros ($80.8 million), compared with 54.2 million euros last year.
Total revenues on a continuing basis grew 18 percent to 76.3 million euros.
Playtech, whose billionaire Israeli founder Teddy Sagi continues to hold a 40 percent stake, said average software revenue for the first 54 days of the second half were up more than 23 percent compared with last year on introduction of casino games and poker cash table games in Italy.
The company also said it was confident of meeting its expectations for the year. The average forecast for Playtech’s full-year EBITDA stands at 108 million euros.