Playtech share price rises on soaring sales
Playtech’s sales have been soaring in the last quarter, pushing the gambling softwares company’s shares up.
The figures
Playtech reported revenues of €170.9m (£122.5m) in the third quarter of 2015. This is up 47 per cent against the same period last year.
Adding back the impact of taxes, exchange rates and excluding the company’s recent shopping spree, underlying growth was up 17 per cent.
Playtech shares were up 3.5 per cent in morning trading on the report.
Why it’s interesting
The company, which makes the software for bookies such as William Hill, said new and existing business was driving growth, as nearly three-quarters of its growth came from regulated markets.
Playtech has been on a takeover spree this year, with its financial arm recently acquiring Plus500 and Ava Trade.
Read more: Plus500 shareholders give Playtech takeover green light
Mobile is unsurprisingly becoming steadily more important for Playtech, with nearly a quarter of software sales now coming from mobile devices, up from 17 per cent a year ago.
What they said
Mor Weizer, the company’s chief executive, said:
Our Gaming division continues to enjoy double-digit underlying growth with our strong pipeline of opportunities giving us confidence in maintaining our momentum. Our Financials division had a strong quarter driven by customer acquisition, with a focus on our direct marketing channels, and we hope to complement our growth with the completion of the acquisitions of Plus500 and Ava Trade.
Given the strength of our business and the momentum that we are enjoying, we have confidence for the remainder of 2015 and beyond.