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Playtech on track to meet annual target following strong first quarter

Sharecast

LONDON (ShareCast) - Online gaming and sports betting group Playtech (LSE: PTEC.L - news) said it expected strong growth in 2015, after revenue jumped in the first quarter. The FTSE 250 group saw its first quarter revenue jump 31% year-on-year to €134.9m (£96.5m), which represented a 6.9% increase from the previous quarter, driven by a strong performance from its casino and services divisions.

Playtech added that, on a constant currency basis, revenue rose only 16% because of the significant weakness in the euro.

"The strong start we have made to the year, together with the progress we continue to make in all aspects of the business both on an organic and inorganic basis, gives me great confidence in our ability to deliver strong growth in 2015 and beyond," said group chief executive Mor Weizer .

The London-listed company said daily average revenue in the first three months of the year was up 9% quarter-on-quarter, while average for the first 25 days of the second quarter was up 25% compared to the same period in 2014.

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Analysts at Canaccord Genuity (Other OTC: CCORF - news) upgraded their forecast on the back of the strong first quarter performances.

"Playtech is delivering a compelling combination of strong organic growth," they said in a note on Monday.

"However, we assume a material reduction in margin primarily as a result of the significant growth in white label business." Playtech shares were down 0.65% to 834.50p at 10:23 on Monday.