Playtech (LON:PTEC) has just issued a trading update on its performance in the third quarter of fiscal 2015. Total revenues have increased by 47 percent when compared to last year and by 13 percent when compared to the second quarter of this year to €170.9 million.
Looking at the financials division which Playtech has recently acquired by purchasing the operator of markets.com, TradeFX back in the beginning of April this year the results look solid. The gaming company has paid an initial cash payment of €208 million with up to an additional €250 million to be paid by December 2017, depending on EBITDA.
The financial trading division posted revenues totaling €27.5 million, which is higher by 158 percent when compared to the second quarter, but the results which Playtech shared are only for two months, since May 2015.
Looking at year-on-year comparisons the pro-forma revenue growth for the financials division was 36 per cent when compared to the third quarter of last year. The rise was largely driven by market Volatility and customer Acquisition . Active CFD customers totaled 26,400 which is higher by a fifth when compared to Q3 2014. First time depositors have also increased to 9,700, which is up by 19 percent.
The company continues to expect an approval from the Financial Conduct Authority for the acquisition of Plus500 by the end of November and has formally challenged the decision of the Central Bank of Ireland to suspend the the acquisition of Ava Trade.
Commenting on the announcement, the Chief Executive Officer of Playtech, Mor Weizer, said, "Our Financials division had a strong quarter driven by customer acquisition, with a focus on our direct marketing channels, and we hope to complement our growth with the completion of the acquisitions of Plus500 and Ava Trade."
"Three quarters of our growth in Q3 came from regulated markets which now account for over half of all group revenues," he also highlighted.
