This story is sponsored by InterCasinoCasino games developer CryptoLogic, which provides the games for InterCasino, swung back into profit last year as the effects of its 2010 restructuring hit home.
The games developer turned a profit of US$6.5m last year compared with a $21.6m loss in 2010, its first profit since 2007, as the company slashed its expenses by 48% to $24.8m from $47.3m in 2010.
Chairman and interim chief executive David Gavagan said that “the breathing space” granted by the restructure enabled the group to finally stem the downward spiral in revenues that began in 2007, revenue rising 5% year-on-year to $27.3m from $26m.
Revenue from hosted casino games on websites including Betfair, Party Casino, Bet365 and Paddy Power, was up 7% to $23.4m from $22m. Revenue from its branded casino games segment, based around content licensed from Marvel and DC Comics, was up 25% to $6.9m from $5.5m.
The company’s last month agreed terms for its takeover by fellow Canadian software provider Amaya for US $2.535 or £1.606 a share. Shareholders have until 28 March to accept the offer backed by the company’s board, which represents a premium of 110% to the share price the day prior to announcing the strategic review in March 2011 which eventually led to the sale of the business.
In January, CryptoLogic also became a B2C online casino business, acquiring the Maltese licences of InterCasino, its first-ever licensee back in 1996 and still its largest client.
