I am delighted to report on Playtech’s financial results for the year ended 31 December 2009, which demonstrates the Company’s strength and robust business model through this year’s challenging economics conditions and in today’s competitive gaming industry.

Our successful year of growth in trading performance is principally attributable to two main factors: the ability of the Group to continue to attract new business whilst supporting and maintaining growth from existing licensees; and the strong results of William Hill Online (‘WHO’) which, as expected, has significantly contributed to the Group’s gross income.

Playtech has continued to be an active participant in the consolidation of the sector, and has undertaken a number of corporate transactions both in 2009 and after the year end which are expected to be additional drivers for revenue growth. These will be reflected in the future financial statements of the Company.

The influence of Playtech’s investment in WHO on the Group’s results for the year makes comparison with previous years more complicated. The transaction, which was completed at the end of 2008, resulted in the Group receiving a reduced royalty rate from the casino and poker assets injected into WHO and reducing Playtech’s total revenue line. In return, Playtech receives a 29% share of the profit of the entire WHO business, which comprises an enlarged combined casino and poker operations, together with WHO’s existing online sportsbook. As WHO is accounted for under IFRS as an investment in an associate, the share of profit is presented as income from associate.

In accordance with accounting guidance, Playtech is recording 100% of the licence fees received from WHO in its revenue line, with its income from associate being shown separately in the statement of comprehensive income. On that basis, gross income (total revenues and income from associate before amortisation of intangibles) becomes the relevant measurement of the Group’s trading performance.