Manx online gaming software supplier Playtech plans to raise up to £112 million of expansion capital through a placing of up to 21.6 million shares at 520 pence on AIM.

The company is poised for expansion after posting record revenues for the first quarter of this year of £20 million. The results represent an increase of 97 per cent on the £10.2 million earned in the first quarter of 2007 and a rise of 19 per cent on the £16.8 million achieved in the last three months of 2007.

The company said that strong progress made in 2007 has continued into 2008, with the company registering month-on-month revenue growth. The company’s chief executive Mor Weizer said: “The addition of new licensees during the (first quarter) period and the anticipated full rollout of the new Asian P2P games and Flash Poker mean the Group is well positioned to grow in the second quarter and beyond.

“The Group continues to pursue significant business opportunities across all the regulated markets.”