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Playtech Drops Plans for Acquisitions

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Published on:

May/02/2012

(Reuters) - Gaming software group Playtech said first quarter revenues doubled, helped by strong growth at its casino business, and that plans to shift its listing to London's main market were progressing well.

However, the group added that it was dropping plans to buy some social gaming assets owned by founder and Israeli billionaire Teddy Sagi, and would instead enter software license agreements.

Its plans for a deal with its top shareholder - Sagi still owns 48 percent of the company - were announced in April.

It said the complexity around the process and its move to the main market had influenced its decision.

Playtech, one of the biggest companies listed on the junior AIM market, said a move to a premium listing was progressing well and that a prospectus would be published as soon as possible.

Playtech's revenues grew in all areas compared to a year ago expect for its poker division. Total revenues came in at 75.1 million euros (61.20 million pounds), up from 36.7 million euros a year ago.

(Reporting by Sarah White, editing by Rhys Jones)

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