Isle of Man-headquartered online gambling software developer and supplier Playtech plc today reported its financial results for the first half of the year ended June 30, 2016. Overall revenue amounted to €337.7 million, up 18% year-on-year.
Revenue from the company’s gaming division increased 11% from the prior-year period to €306.4 million. Playtech enjoyed good contribution from both existing and new clients, as the provider itself said in its half-year report. Mobile revenue accounted for 29% of the overall figure posted for the reviewed period. The company also revealed that 54% of the revenue generated in the UK was from mobile products.
Casino revenue amounted to €177 million during the six months ended June 30, 2016, compared to a total of €148.8 million posted for the prior-year period. Related services contributed €76.5 million during this year’s first half, up 3% year-on-year. Sports betting products generated €17.7 million, reflecting a 10% increase from last year. Revenue from land-based operations totaled €15.5 million, up 3% year-on-year.
Bingo products generated €9 million, reflecting an 11% decrease from the prior-year period. Revenue from poker also dropped during the fist half of the year. It amounted to €5 million, down 16% from 2015. Other services generated the amount of €5.7 million, up 9% from the first half of the previous year.
Last year, Playtech also established its financial division, which contributed a total of €31.3 million during the six months ended June 30, 2016, up 194% from the €10.6 million reported for the prior-year period.
Overall adjusted EBITDA for the period in review totaled €143.8 million, reflecting an increase of 27%. Adjusted net profit decreased 31% year-on-year to €79.5 million. The slump was attributed to fluctuations in sterling exchange rates. Reported net profit amounted to €48.8 million, down 42% year-on-year.
During the first half of the year, Playtech announced the acquisition of Swedish game development studio Quickspin for €24 million as part of the company’s M&A strategy. Other important highlights from the past several months were the company’s license agreements with PokerStars and SunBets, and other online gaming brands.
Commenting on the latest results posted, Playtech Chairman Alan Jackson said that the company has made considerable progress in 2016 and has delivered on its strategic objectives. Given this, the online gambling supplier is in a good position to deliver a strong growth in by the end of the year and the years to come, the official added.
