Playtech's industry-leading software, diversified licensee base and strong reputation have served us very well in 2009.

Overview
We have delivered a robust financial performance during a year which has seen our industry operating in a tough economic environment.

It has also been a year of considerable change and development at Playtech, which places the Company in an excellent position to seize new opportunities in the fast-moving and ever-evolving online gaming industry. I am very pleased therefore that over the year Playtech has increased its gross income by 23% to €137.3 million, which includes the first time share of income before amortisation of intangibles from our interest in William Hill Online of €22.5 million, and net revenues by 3% to €114.8 million (2008: €111.5 million).

I believe this performance demonstrates both the robustness of the business model and the benefits of being a pure B2B provider. One of the key attractions of the Group is the quality and breadth of its product portfolio, and our clarity of focus on innovation and product improvement. There is continual progress through enhancements to our products and in developing new games and content to deliver to all our licensees across all market segments.

The breadth and richness of our portfolio has enabled us in 2009 to attract many new licensees, including those added through acquisition. These licensees were drawn from a wide range of market segments. By these means we increasingly diversify our revenue streams by product, geography and licensee type and this is set to continue as more locally regulated markets open up.

In 2009 we also broadened the overall product offering, both organically with a new sports betting offer that was soft-launched towards the end of the year, and through the acquisition of both an open-architecture games platform and the largest bingo network.

What is now a comprehensive product suite is complemented by the further development of the delivery platforms, such as server-based gaming terminals, mobile and broadcast/TV. All products and the cross-platform capability are supported by our unique Information Management Solution ("IMS") operating system, which is the most sophisticated in the industry.

As a result, we enter our second decade with great optimism and anticipation for the opportunities that lie ahead.