Gaming software specialist Playtech's underlying profits rose by a quarter last year as it got a boost from its joint venture with bookmaker William Hill.
Gross income rose by 23% to EUR137.3m reflecting first time income from William Hill Online, where it owns a 29% stake. Underlying earnings rose 25% to EUR93.7m from EUR74.7m.
Total revenues increased by 3% to EUR114.8 m (2008: EUR111.5m) while like-for-like revenues increased by 8.4%. Net profit after tax was up 71% to EUR69.5m (2008: EUR40.7m).
Playtech added it has enjoyed a strong start to 2010. "Following the acquisition of Virtue Fusion, daily average revenues for the first quarter are projected to increase by over 18% compared with Q4 2009 based on the current run-rate," it said.
"To date, on a like-for-like basis, daily average revenues excluding the acquisition are up by over 8% compared to the already strong previous quarter, reflecting a recovery in activity across our licensee base. Encouragingly, all products are performing in line with or ahead of budget," chairman Roger Withers added.
The dividend for the year rises by 20.4% to 18.3c.
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