Playtech lifts guidance after strong H1 growth
By Benjamin Chiou
Date: Thursday 07 Sep 2023
(Sharecast News) - Gambling software group Playtech said it expects full-year results to be "slightly ahead" of expectations after a strong first half in which underlying profits jumped by a tenth.
Adjusted EBITDA came in at a record €219.9m for the six months to 30 June, up 10% on the previous year, while revenues rose 8% to €859.6m.
The company said it saw continued strength across regulated B2B markets, with revenues up 7% to €334.5m helped by a 43% surge in sales in the Americas. Meanwhile, a partnership with Hard Rock Digital was signed in the first quarter, establishing Playtech in key US states and with international expansion to follow.
In the B2C division, which includes Italian betting company Snaitech, HAPPYBET, Sun Bingo and other units, revenues were up 9% at €532.1m.
During the period, net debt reduced by 50% to €248.2m.
"We have started the second half of the year well and are on track to deliver FY23 Adjusted EBITDA slightly ahead of current expectations," said chief executive Mor Weizer.
"With our proven strategy, robust balance sheet and our operational expertise, we are confident in our ability to capitalise on the many growth opportunities we have ahead."
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