Rns14 Mar 2013 07:09
RNS Number : 9831Z
Playtech Limited
14 March 2013
Playtech Limited
("Playtech", the "Company" or the "Group")
Full Year Results
Another exceptional performance delivering record results
Playtech (LSE: PTEC), the international designer, developer, licensor and provider of software and services for the online, mobile, TV and land-based gaming industry, today announces its full year audited results for the year ended 31 December 2012.
Financial highlights
-- Gross income* up by 51% to EUR368.1 million (2011: EUR243.6 million)
-- Total revenues up by 53% to EUR317.5 million (2011: EUR207.5 million)
-- Adjusted EBITDA** up by 49% to EUR186.7 million (2011: EUR124.9 million)
-- Adjusted net profit** up by 49% to EUR168.5 million (2011: EUR112.8 million)
-- Adjusted basic EPS** up by 26% to 58.1 EUR cents per share (2011: 46.2 EUR cents per share)
-- Cash balances at year end of EUR120.9 million (2011: EUR164.8 million), net cash*** at year end of EUR51.7 million (2011: EUR137.3 million)
-- Recommended final dividend of 15.4 EUR cents per share, giving a total 2012 dividend of 23.2 EUR cents per share (2011: 16.5 EUR cents per share), up 41%
* Gross income is defined as total revenue plus the Group's income from associate
** Adjusted EBITDA, adjusted EPS and adjusted net profit are calculated after adding back certain non-cash charges, cash expenses relating to certain one-off professional and legal costs, expenditure relating to the move to the Main Market and prior year taxes (see reconciliation in the financial review below)
*** Net cash is defined as cash and cash equivalents less bank borrowings
Trading update
Playtech has made a strong start to 2013, with average daily revenues for the first 11 weeks of 2013 up over 15% on Q1 2012 and up 5% on Q4 2012
Operational highlights
-- Playtech entered the FTSE 250 in September after achieving a Main Market listing in July
-- Playtech signed agreements with major operators for new products, including: Paddy Power, Gala Coral, Betclic Everest, Betfair, Betfred, Caliente and Unibet.fr
-- Gala Coral project successfully completed, including Gala Casino, Gala Bingo and mobile sports betting, all powered by Playtech's leading-edge integrated management system - IMS
-- Playtech first to introduce slot games in Italy following new regulation in Q4 2012
-- Betclic and Everest poker products launched on the iPoker.fr and iPoker.com networks
-- Betfair commenced migration onto the iPoker network with completion planned for July 2013
-- Playtech launches its unique mobile hub combining mobile sports betting and gaming products with a variety of licensees
-- Betfred and Paddy Power launched mobile casino initially including a selection of 20 table and slot games, marking the first step towards a full mobile offering planned to launch later in 2013
-- Playtech launched first two sports betting license