Playtech hails 'resilient' H1 as TradeTech shines
By Michele Maatouk
Date: Wednesday 05 Aug 2020
(Sharecast News) - Gambling software company Playtech hailed a "resilient" first half on Wednesday despite the pandemic having a severe impact on some of its businesses.
The FTSE 250 company reported first-half adjusted earnings before interest, tax, depreciation and amortisation of more than €160m, driven by its online businesses and an "exceptional" performance at its financials division, TradeTech, which benefitted from increased market volatility and trading volumes during much of the half.
Playtech noted a "strong" performance in July, with continued strength in online and TradeTech. It also saw the benefit of retail locations reopening and many sporting events resuming. The company's adjusted EBITDA in July "approached normalised levels", it said.
Chief executive officer 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.
"In addition to navigating near-term headwinds, we've continued to focus on setting up the business for success in the long-term. During the period, we've worked hard to add new brands, expand relationships with our existing customers and entered the New Jersey market with our long-standing strategic partner bet365. 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."
At 0850 BST, the shares were up 3.9% at 327.60p.
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