As the gaming software provider has continued to maintain its momentum, Playtech has had a good start to 2016. The Chairman of Playtech Plc, Alan Jackson, has noted that the company has taken its positive 2015 results, and has brought them into the new year.
Playtech Continues to Seek Investment Opportunity
At the recent Annual General Meeting, it was noted that the company has maintained growth in its average daily revenues in its gaming division. The company predicts continued growth this year. Licensees that signed agreements in 2015 will add to the revenue brought in this year.
Playtech has been searching for a good investment to expand its business. After having been unsuccessful in finding a worthwhile investment so far, the company may return cash dividends to Playtech shareholders. There have been some protests from those who hold shares in the company, in which the shareholders have demanded dividends since it appears that there has been no opportunity to acquire another company. Last year, Playtech was unable to acquire a small broking business in the United Kingdom after the authorities felt it would promote unfair competition.
At the Annual General Meeting, Jackson noted: “I am delighted to say that the momentum that Playtech enjoyed in 2015 has continued into 2016. Our pipeline of M&A opportunities remains healthy with active discussions in the Gaming division as well as discussions for selective bolt-on acquisitions in the Financials division.”
The company’s Chairman further explained: “As we stated at the time of our 2015 full-year results, should suitable acquisitions not be available, consideration will be given to returning cash to shareholders as we look to maintain an efficient capital structure. We remain confident of continued success and strong growth in 2016 and beyond.”
Since the Annual General Meeting took place on Wednesday this week, Playtech has fired a large number of workers in its Xwise digital marketing division. The company had earlier announced that it would be placing a greater focus on its gaming division this year.
About Playtech
Playtech began operations in 1999, and is currently the largest online gaming software provider to be traded on the London Stock Exchange. The company offers cross-platform gaming software that allows end users to access gaming services via desktop, instant play, and mobile platforms. Players can access all Playtech platforms and services using a single account.