Playtech lifted by WHO

17th Mar 2010 07:35

Gaming software specialist Playtech's underlying profits rose by a quarter last year as it got a boost from its joint venture with bookmaker William Hill.Gross income rose by 23% to €137.3m reflecting first time income from William Hill Online, where it owns a 29% stake. Underlying earnings rose 25% to €93.7m from €74.7m.Total revenues increased by 3% to €114.8 m (2008: €111.5m) while like-for-like revenues increased by 8.4%. Net profit after tax was up 71% to €69.5m (2008: €40.7m).Playtech added it has enjoyed a strong start to 2010. "Following the acquisition of Virtue Fusion, daily average revenues for the first quarter are projected to increase by over 18% compared with Q4 2009 based on the current run-rate," it said. "To date, on a like-for-like basis, daily average revenues excluding the acquisition are up by over 8% compared to the already strong previous quarter, reflecting a recovery in activity across our licensee base. Encouragingly, all products are performing in line with or ahead of budget," chairman Roger Withers added.The dividend for the year rises by 20.4% to 18.3c.