Playtech’s H1 performance “resilient” after rise in online activity
Early action taken in response to the coronavirus pandemic allowed Playtech’s H1 performance to be “resilient”, the supplier noted in its trading update.
Despite the pandemic severely impacting part of the group’s businesses, decisive action taken by the supplier to preserve cash flow, resulted in adjusted EBITDA of more than €160m ($189m) for the first half of 2020.
The supplier put the result down to the company’s online businesses and the strong performance of its TradeTech division, which benefited from increased market volatility and trading volumes.
Playtech added the strong performance continued into July with land-based venues reopening, and live sport returning. As a result, its July adjusted EBITDA approached normal levels.
Specifically, the group’s online casino, bingo and poker saw significant levels of increased activity during H1 2020, as the pandemic shifted the gambling industry to online.
However, it’s B2B sports business took a hit due to retail closures and a suspension of live sport in March.
The supplier mentioned its prudent approach with its finances during the current period, which resulted in more than €600m of available liquidity, as of 30 June. It will publish its interim results on 17 September.
Playtech CEO Mor Weizer, said: “Thanks to the outstanding response from our people and the early actions taken to protect the business, Playtech has demonstrated outstanding operational resilience during this challenging period.
“It is pleasing to see the impacted parts of the business starting to demonstrate positive momentum and I am confident the actions we have taken will help us emerge stronger and cement our market-leading position.”
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