Playtech eyes better than expected Q4

21st Oct 2009 07:43

Online gaming technology developer Playtech said activity improved towards the end of the third quarter and momentum has continued into the start of the fourth quarter. Gross income for the quarter rose 12% to €31.9m from the same quarter a year before but was down 4% from €33.1m in the second quarter of 2009."Q3/09 results have been adversely impacted by a run of unusual sport results reducing the sport betting margins of William Hill Online reducing the share of income contributed from WHO during the period," the group said in company statement. Casino revenue for the nine months to 30 September 2009 was down 2% while poker revenue during the period rose 18%.It added that initial trading in October has been strong with daily average royalty revenues more than 5% ahead of Q3/09."New licensee development continues, reflecting Playtech's continued progress with its core regulated markets strategy. This trading improvement, together with anticipated revenues from new licensees, confirms the board's expectation of better trading conditions in the final quarter of the year. Adjusted EBITDA for the nine months is expected to be not less than €66m.