Playtech hails record earnings
By Abigail Townsend
Date: Thursday 23 Mar 2023
(Sharecast News) - Playtech reported a jump in revenues and earnings on Thursday, driven by especially strong demand in its business to business markets.
The FTSE 250 firm, a platform, content and services provider to the online gambling industry, said revenues from continuing operations in the year to 31 December were €1.6bn, up 33% or by 31% on a constant currency basis.
Adjusted earnings before tax, interest, depreciation and amortisation rose 28% to €405.6m, which Playtech said was a record.
In its business to business unit, Playtech said it had seen "very strong growth" in regulated markets, resulting in revenues of €632.4m, a 14% improvement year-on-year.
Business to consumer gambling - which includes Italian sports betting and gaming firm Snaitech - reported revenues of €983.1m, a 48% hike.
Looking to the current year, the firm acknowledged that the macroeconomic outlook remained "uncertain" due to geopolitical and inflationary pressures. But despite that, it said it had seen a "strong start" to 2023, driven largely by Snaitech.
Mor Weizer, chief executive, said: "2022 was a year of considerable strength for Playtech, in which we delivered record revenues and EBITDA, ahead of market expectations. All parts of the business contributed to this performance, with B2B powered by Europe - excluding the UK - and the Americas, and B2C's impressive performance underpinned by Snaitech.
"We have started the new financial year well. In spite of the continued macroeconomic and political uncertain, [we] remain confident in our future prospects."
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