Optimism up at Cryptologic

Profits are Down but Optimism is up at Cryptologic - Despite the fact that revenues dropped in the first quarter of 2010, Cryptologic software provider refused to let go of any of the optimism that it has been radiating for the past few months.

The group said that while the figures were subdued, there was improvement in a number of sectors, including branded games and a drop in operating costs.

“Operating costs have declined further while our revenue base is showing signs of improvement in the second quarter,” said Brian Hadfield, CEO of Cryptologic. “The start of the World Cup soccer tournament in June provides short term uncertainty, however with a strong backlog of new business we expect our results to improve gradually as the year unfolds.”

Cryptologic acquired a large number of new licences last year and hope to continue their gain in 2010 which will hopefully bring expectations back on track.

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