Playtech, the largest provider of gambling software, reported financial results for the first half of fiscal 2011. Excluding a €7 million loss due to the company’s withdrawal from the French market, revenues grew 18% to €76.3 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 4% to €56.1 million from €54.2 million last year. Management said the company was on course to report EBITDA of more than €100 million for fiscal 2011.
Playtech also announced that it would defer a decision over its interim dividend until the company reports financial results for fiscal 2011. Management says it is in talks regarding acquisitions and partnerships. The news sent shares down as much a 8%, and investment firms likes Collins Stewart cut their price targets, citing concerns over dividend payouts.
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