From egrmagazine:
Canadian software firm CryptoLogic has seen year end earnings jump 51% to $13.7m as it reaped the benefits from huge growth in online poker.
The firm said poker now accounts for 20% of total revenues at the firm, with poker revenues for Q4 2004 up 165% on the same period in 2003.
Online poker ran at almost 10% monthly growth during 2004, and CryptoLogic said its 20% revenue contribution was well ahead of its 15% target.
It also helped the firm, which powers casino and poker rooms for some of the
UK’s largest eGaming sites, post strong earnings despite a US$7.1m investment in new software development.
"2004 marked another year of revenue growth, profitability and cash generation for CryptoLogic,” Lewis Rose, CryptoLogic's President and CEO, said.
“In 2005, we will continue to capitalize on our strong financial performance to invest for the future, build on our market strength and continue to drive profitable returns."
Headline numbers for the year ending December 2004 saw revenues up 33% to US$17.9m with revenues from overseas (non-North American) players comprising 60% of that total.
“The UK and Continental Europe remain the company's key geographic focus, having grown to more than 30% and 20% respectively of licensees' overall revenue,” a CryptoLogic statement said.
The firm, which powers Betfair, William Hill and Littlewoods in the UK, also signed a multi-year renewal of its licensing agreement with Ritz Club London earlier this week.