I think it was and continues to be great PR for all involved. Focused on the positives, using all strong points and it demonstrates the international scale and importance of it. It’s a very relevant press release for the times. I get payments sent in a number of different currency from many parts of the world and its always interesting and enjoyable to see the currency conversions. Euro and Pounds are approx 30% more what the Australian figures show up so when we do the commission reports we allow for the conversion. We’re also building a World Casino Directory and World Gaming Directory. It’s a massive job. By the way Google has an excellent currency converter which you can add to your Google account or desktop on your computer. Sure beat the old days.
Best Regards
Greg Tingle
Director
Media Man Australia
Casino News Media
Australian Casino News
Australian Sports Entertainment
Marvel Slots Online
@NathanCAP 201682 wrote:
Company’s switch to euros in financial reporting inflates current results
April 6, 2009 (CAP Newswire) — According to PokerNews.com, Playtech’s latest financial results show “stellar earnings” over the past year, with a gigantic 70 percent revenue growth, as well as a 79 percent jump in adjusted new profits.
Interestingly, however, the brief report also claims the company’s switch to the euro in its financial reporting makes it a bit harder to judge just what kind of bottom line the company now enjoys.
“While Playtech was impacted by the declining euro, like 888 Holdings and other firms, Playtech did something unusual to counter the negative effects,” writes Amy Caslitri in the article. “For this report, and apparently going forward, Playtech stopped reporting its earnings in U.S. dollars and is now reporting in euros. To complicate matters further, all past-year comparisons have been converted to euros, using a euro-to-dollar ratio of 1.5777 — almost the highest valuation of the euro in ten years. In effect, Playtech has deflated past results and inflated current results.”
Even aside from the currency confusion, however, Playtech did show growth in 2008, the article emphasizes. This growth was helped by the company’s acquisition of 15 new licensees, as well as the purchase of a 29 percent stake in William Hill. Even better, the company reports earnings of around 8 percent so far in 2009’s first 11 weeks.