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.


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