The Canadian software developer has seen record results for the year ended December 2004, with revenues up 44% to $63.7 million and earnings up 51% to $13.7m.
The company focused its strategy on the casino and poker segments, reaping the benefits from the huge growth in online poker.
The firm, which powers some of UK’s largest sites including Betfair and William Hill, said poker now accounts for 20% of total revenues, up 165% on the same period in 2003.
“CryptoLogic saw the large, untapped market opportunity of online poker and we leveraged our reputation for innovation and strong brand-name licensees to establish a very significant position in online poker,” said Lewis Rose, CryptoLogic\’s president and CEO.
“2004 marked another year of revenue growth, profitability and cash generation for CryptoLogic. In 2005, we will continue to capitalize on our strong financial performance to invest for the future, build on our market strength and continue to drive profitable returns.”
After the announcement, shares in CryptoLogic rose 7.36 per cent on the Toronto Stock Exchange.
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