Gaming software developer Playtech (LSE: PTEC) collapsed 23 percent following the release of key performance indicators for Q2 2009.
The stock fell to the lowest in four months after the company said it now projected trading for the full year 2009 would be below market expectations, owing to the “challenging economic environment” and the slow progress of William Hill Online, Playtech’s JV with William Hill, which struggled at the start of the year due to the difficult trading conditions and the slower than expected integration process.
Playtech mentioned the overall slowdown of activity in the industry, while reporting a 23 percent year on year increase in gross income in Q2 from the equivalent period in 2008 and a 27 percent year on year hike in EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), from the first half of 2008. The company expects the adjusted EBITDA for the first half of 2009 to be anywhere from €43 million to €45 million.
Revenues for Q2 amounted to €27 million, marking a 0.4 percent year on year increase from Q2 2008, but a 4.2 percent decline from Q1 2009.
Playtech has also announced today it will now provide Casino and Poker software product to the Serbian State Lottery. The company hopes the strategic partnership with the sole provider of gaming in Serbia along with the license agreements signed earlier in the year and the progress of WHO will provide growth and help the company to better financial results towards the end of the year.
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