Online gaming software provider Chartwell Tech’s recent release of its fourth quarter and yearly results have shown that 2005 was the firm’s third consecutive year of profitability.

Chief financial officer Don Gleason summed up Chartwell Tech’s success in a recent statement. “Operationally we extended the capabilities of our product development, deployment and support teams through a staged investment program which included the acquisition of Micropower Corporation. These investments are essential to enabling our online casino and poker company to drive continued growth in the expanding market for our products.”

Gleason went on to say that from a financial perspective Chartwell Tech achieved record revenue and increased working capital. “We maintained quarterly profitability, increased our operating margins and strengthened our balance sheet,” he said.

The result of Chartwell Tech’s successful year make impressive reading. Compared to the same time last year (year end October 31) the firm increased its total revenue by 46 percent. In 2004 the firm’s total revenue was $12.2 million. This has increased to $17.8 million over the duration of 2005. Income from operations has also risen by 77 percent over last year’s figure.

Chartwell Tech’s growth was further reflected by the increase in revenue from software license fees. $16.4 million was generated through licensing compared to $11.3 million in 2004.

The company has advised that 2005 is the third year of consecutive profit and predicts growth to continue throughout 2006.

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