Playtech's revenues suffer a blip

13th May 2009 14:54

First quarter revenues at gambling software developer Playtech fell back from the preceding quarter, but the company said the decline is expected to be temporary.First quarter revenues of €28.2m were up 14% on a year earlier but down by 10% on the final quarter of 2008, but the company said it expects revenues to recover once William Hill Online migrates all of its casino activity to the Playtech platform.Like-for-like revenues were just 1% lower in the first quarter than in the preceding quarter.Gross income, which includes profits generated from the group's share in William Hill Online, rose 46% year-on-year to €36m and were 14% higher than in the fourth quarter of 2008.The cash position improved substantially by €21.4m to €53m.Trading in April was good, with daily average gross income more than 5% better than the average for the first three months of the year. 'Despite the challenging economic environment, the board remains comfortable with market expectations for the full year,' the company said.