It was an interesting quarter for Playtech as it began its tenure after seeing parts of its operation acquired by William Hill.

The Group's key performance indicator, being gross income*, increased by 14 percent in Q1 2009 over Q4 2008. This performance is reflected by strong cash generation during Q1 2009 of more than €21 million and an enhanced adjusted EBITDA margin for the Group," Playtech said in a release.

Financial highlights included:

-Gross income* for the quarter totalling €36.0 million, representing an increase of 46 percent on the €24.7 million earned in Q1 2008 and an increase of 14 percent on the €31.5 million achieved in Q4 2008.

-Adjusted EBITDA margin for the Group now exceeding 83 percent, reflecting the higher margin contribution from the William Hill Online business.

-Net cash at 31 March 2009 of €53.0 million, an increase of €21.4 million from the year end position

-Following reduced royalties from the purchased assets injected into William Hill Online, which are being more than offset by an increased level of profit share, total Group revenues in Q1 2009 were €28.2 million, an increase of 14 percent from €24.7 million in Q1 2008 and a decrease of 10 percent from €31.5 million in Q4 2008. Pro-forma Group revenues, adjusted historically for like for like comparison, show a 1 percent decrease in Q1 2009 on the previous quarter.

-Revenues from royalty income include only 13 days of William Hill Online poker migration and no contribution from casino migration that is planned to be implemented later in the year.

-Casino revenues totalled €18.5 million, an increase of 8 percent from the €17.2 million in Q1 2008 and a decrease of 16 percent on the €22.1 million earned in Q4 2008. Pro-forma casino revenues, adjusted historically for like for like comparison, show a 6 percent decrease in Q1 2009 on the previous quarter.

-Poker revenues totalled €8.8 million, an increase of 26 percent on €7.0 million in the comparable 2008 quarter and an increase of 3 percent on the €8.6 million achieved in Q4 2008. Pro-forma poker revenues, adjusted historically for like for like comparison, show a 7 percent increase in Q1 2009 on the previous quarter.

-Share of William Hill Online profit in Q1 2009 totalled €7.8 million.

* Gross income defined as income from royalties plus profits generated from the Group's share in William Hill Online

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