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NEWS 21 February 2019

Playtech reports 54% growth in 2018 revenue

By Tim Poole

Playtech has reported a 54% growth in full-year revenue to €1.24bn ($1.4bn) during 2018.

The supplier was able to offset decline in Asia through the acquisition of Italian firm Snaitech, while adjusted EBITDA grew 7% to €343m.

However, the impact of the Snaitech purchase means Playtech's revenue growth is unrepresentative of like-for-like figures.

The results compare favourably with fellow suppliers; Konami’s Gaming & Systems division reported 8% growth in revenue to $1.77bn for the nine months ending 31 December 2018, while NetEnt’s full-year revenue grew 9% to $192m.

Gaming Innovation Group also saw its 2018 operating revenue rise 26% to $171m and Evolution Gaming’s increased 38% to $287.5m.

Elsewhere, Playtech's adjusted net profit rose 11% to €256.2m, although reported net profit was down 50% to €123.8m, while total dividend per share fell 33% to €0.24.

The supplier expects 2019 adjusted EBITDA in the range of €390m to €415m, aiming to further increase its regulated market presence; its share of total gaming revenue from regulated markets currently stands at 78%.

Playtech’s B2B arm aims to capitalise on R & D developments to gain market share, estimating over 1,000 sites globally do not yet take a single Playtech game. The B2B side of the business has additionally confirmed a multi-year extension with News UK to operate Sun Bingo.

Meanwhile, Andrew Thomas has announced he will not stand for re-election at this year's AGM, leaving his role as Chairman on 15 May 2019.

Read Gambling Insider’s exclusive interview with CEO Mor Weizer, discussing the supplier’s 2018 results, later today.

RELATED TAGS: Online | Casino | Financial
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