Dublin based Cryptologic is the next to announce poor year end results

Dublin based online casino software and games developer Cryptologic  has announced reduced revenues and decreased profits for 2009 compared to 2008 citing the main causes as reduced betting activity across the industry, adverse currency movements particularly the $US against the Euro and reduced contribution from a key licensee. Against these factors, revenues from branded games increased and the annual recurring cost base reduced in part due to the merger of the poker network with GTECH. Mr Brian Hadfield, President and CEO said “2009 was a tough year as a number of adverse factors including a global economic downturn overshadowed the company’s progress in implementing  its innovative new strategy to reduce  costs and return to growth. We have entered 2010 in better shape with a substantially reduced cost base that will continue to be managed tightly. At the same time, new business momentum remains encouraging as branded games continue to roll out and hosted casino licensees implement new initiatives. With new licensing activity straying strong and the overall online casino/gaming market showing some improvement, we look forward to the year with cautious optimism”.

Cryptologic had a number of milestones during the year including reaching a deal with DC Comics which is a division of Warner Bros. to develop games featuring comic characters Superman, Wonder Woman and Batman as well as with Paramount to develop games with movie themes such as Braveheart.  The company also signed 20 new multiyear deals during the year including two full casino hosting contracts and including Irish based Paddy Power.

It seems that Cryptologic have not escaped the general downturn in the industry but there are fairly bullish about the future.