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NEWS 27 February 2020

Playtech sees 22% revenue growth for FY 2019

By Owain Flanders

Playtech saw revenue of €1.5bn ($1.64bn) for the full year 2019, a rise of 22% year-on-year.

Adjusted EBITDA for the period was €383.1m, up 11%.

Due to a series of discontinued costs, impairment charges and higher taxation duties across core markets, Playtech’s adjusted net profit was €133.6m, a decrease of 50%.

Playtech generated B2B revenue of €553.9m for 2019, down 2%, while its B2C revenue was €900.5m, a rise of 56%.

The company attributed its growth mainly to the inclusion of Italian supplier Snaitech’s results for the entire year, which it acquired in April 2018 for $1.04bn.

Snaitech saw revenue of €829.7m, a 62% increase.

However, when comparing Snaitech figures as if it were part of the group for all 12 months of the previous year, revenue fell 7%, driven by a 14% decrease in gaming machine revenue and an increase in Italian gambling tax.

Alan Jackson, Playtech Chairman, said: "Our core B2B gambling business reported strong growth in 2019.

"In addition, we made further strategic progress by entering newly regulated markets, signing new customers, expanding existing relationships and continuing to innovate with new product launches. Together these are laying the foundations for our future growth.

"In our B2C gambling business, Snaitech had a fantastic 2019 and continues to gain market share."

RELATED TAGS: Online | Casino | Industry
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