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NEWS 23 August 2018

Regulated market push helps Playtech net profit rise for H1

By Harrison Sayers

Playtech has hailed its “significant strategic and operational progress in regulated markets” as reported net profit increased 25% year-on-year to €112.4m ($130m) for the first half of 2018.

The supplier also saw its revenue increase 4% to €436.5m during the first half of 2018, compared to €421.6m year-over-year.

Revenue was not only buoyed by operational progress, but also “new licensee wins in key strategic markets, the UK, Europe and Latin America.”.

These included the Gala Leisure Buzz Bingo UK omni-channel deal, Casino: Polish National Lottery Totalizator, Sports: SAS in Portugal, and Sportium in Colombia.

A “landmark” acquisition of Italian supplier Snaitech, which generated revenue of around €868m in 2017, completed on 3 August.

Investor confidence has risen as a result, with shares in Playtech trading at 8% up since the start of the day, at the time of writing.

However, “disappointing market conditions in Asia” and the  €824m Snaitech takeover costs took their toll on the company’s adjusted net profit and adjusted EBITDA.

Adjusted net profit dropped 34% to €83.3m, while adjusted EBITDA decreased 15% in the same period, to €145m.

But as Playtech Chairman Alan Jackson, stated: “Headwinds in the Asian market are not reflective of the core strength of the Playtech model as the regulated segment continues to report organic growth and encouraging momentum.”

His statement is supported by the fact that 69% of the group’s H1 revenue came from regulated markets, compared to 50% in H1 2017.

With a view to continuing the expansion into regulated markets, Ian Penrose was recently appointed to Playtech’s board for his “strategic and operational knowledge of international regulated gaming markets, particularly in the US.”

 

 

RELATED TAGS: Online | Financial
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