Cryptologic undergoes first revenue increase in years

Cryptologic may be one of the most recognisable names in the world of online gaming software development; however, they have been struggling with their revenues in recent years...

Slots Bonus Finder

Find the biggest bonus in seconds

Search Bonuses

Despite this, it looks as though these issues may have finally resolved themselves for the prolific online gaming software developer, as they report their first increase in year-on-year revenues for the first time in six years. Cryptologic have recently issued a report on their financial figures for 2011, which shows a $1.3 million increase on their total revenue figures for 2010 – this brings the total revenue for the company up to $27.3 for last year.

In addition to this very welcome news for the company, they have also posted an increase in their annual profits; not only does this mean a profit of $6.5 million, but the company also experienced a $2.7 million tax credit, as well as a $1.3 million profit on the sale of various investments – all in all, this equates to a much more successful year for the gaming software developer which many industry analysts had predicted was on a steady path to financial decline.

Although the figures for 2011 showed major signs of improvement for Cryptologic, it was not good news for the entirety of the year, as the fourth-quarter of 2011 showed a mild slump from $7.2 million (in 2010) to only $7 million last year – expenses for the company also remained relatively static.

“While trading conditions remained challenging throughout the year, our strategy and restructuring and the commitment of our people over the past 18 months have returned the business to profit for the first time since 2007 and delivered the first annual increase in revenues and cash for five years,” commented Chairman and Interim Chief Executive Officer for Cryptologic David Gavagan.

Don't forget to have a look at our great online slots bonuses!

Share This