Playtech Announces Revenue Growth For 2019

August 23, 2019 by

Playtech reported year-on-year revenue growth of 69 per cent to € 736.1 million ($817.4 million) for H1 2019. Italian operator Snaitech was the leading performer of the group in H1, with an adjusted EBITDA growth of 26 per cent to € 74.7 million, excluding entertainment tax headwinds and the effect of the 2018 FIFA Men’s World Cup. In June 2018, Playtech bought a 70.6% stake in Snaitech for € 291 million. Playtech’s revenue rose just 4 per cent to € 436.5 million for H1 2018.

The key B2B gambling income development of the supplier in regulated markets outside the UK improved by 11 per cent, while games rose by 27 per cent, supported by hardware revenues. The company’s B2B side announced a multi-year extension to operate Sun Bingo with News UK in 2018, which saw revenue growth of 20 per cent to € 17.5 million. Otherwise, Playtech’s adjusted net profit fell 15% to € 83.3 million and reported net profit fell 85% to € 16.8 million, while total dividend per share fell 50% to € 6.1.

Playtech’s arrangement with GVC Holdings established in H1 saw the provider expand its partnership across the portfolio of GVC in the UK, Italy, Spain, Greece and Brazil. Asia is currently expected to contribute about € 115 million in revenue in 2019, down € 35 million from what was originally forecast at the beginning of the year. Alan Jackson, chairman for Playtech, told reporters that their double-digit growth in regulated markets outside of the UK was accompanied by new licensee wins in key regulated markets.

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