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Playtech generates €117m adjusted Q1 EBITDA, B2B sport business losing €3m monthly

By Tim Poole

Supplier Playtech says it has generated “strong” adjusted EBITDA of €117m ($128m) for Q1, as it continues to cope with the coronavirus pandemic.

The gaming provider did not provide details about overall revenue in its trading update, focusing instead mainly on EBITDA, with adjusted EBITDA in April being €23m.

This was mainly driven by its financial arm, TradeTech, as well as cash preservation measures.

TradeTech’s adjusted EBITDA for the period from 1 January to 30 April was over €45m, with the positive performance attributed to "the recent increase in market volatility."

Playtech has over €600m in cash available, while it has also implemented 20% salary reductions for all members of the board and executive management team.

The supplier’s B2B sport business, however, is currently generating a loss of €3m in adjusted EBITDA per month.

The day of the trading update marks the last one at the company for outgoing chairman Alan Jackson, who has served in his role for the last seven years.

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