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25 August 2011
Bingo News: Shares fall as Playtech puts off interim dividend
Playtech, the World's largest online gambling software provider, has said they will not be making a decision on their interim dividend until 2011 final results are revealed. This is because the company were reviewing potential partnership and buyout deals which caused their shares to go done by 8 percent.
Playtech released this statement on Thursday: "Due to exceptional strategic M&A and partnership opportunities which are currently under discussion, in order to retain maximum flexibility, it (board) will defer a decision over the interim dividend.”
Collins Stewart, leading independent financial advisory group cut its price target on Playtech's stock from 505 pence to 440 pence stating concern over the dividend payouts. They said: "PTEC has chosen to defer a decision on the interim dividend, to conserve cash given acquisition/investment opportunities emerging in regulating markets, particularly given the weak financial markets backdrop.”
The company who originate from Estonia operate a joint venture with William Hill, Britain's largest bookmaker. They provide software to Gala Coral as well as PartyGaming and Paddy Power and have posted impressive first half results which have been boosted by their casino and bingo products.
A reported figure of 56.1 million Euros in adjusted earnings, tax and depreciation has been stated by Playtech which is down from 84.2 million Euros last year. Total revenues grew 18 percent to 76.3 million Euros though. The company are positive about achieving their targets for the year and the average forecast for their full year EBITDA looks set to be 108 million Euros.
Teddy Sagi the billionaire founder of Playtech holds a 40 percent stake in the company, said that the average software revenue for the first 54 days of the second half were up by more than 23 percent in comparison with last year following the the release of casino and poker games in Italy.
Playtech shares have have lost over a quarter of their value since the beginning of 2011, they were down 4.5 percent at 302.25 pence at 08.14 GMT on the London Stock Exchange. Previously in the session the stock reached a low of 290 pence.