Playtech has reported promising financial results for the first half of the year, driven by substantial growth in its B2B division.
The company has announced an impressive return to shareholders from the recent sale of its Italian division, Snaitech.
Playtech upgraded its earnings forecast thanks to robust performance in its B2B sector, resulting in an 11 per cent increase in adjusted EBITDA, reaching €243m (£202m).
Revenue also rose five per cent, climbing from €859.6m to €906.8m, while post-tax profit increased 23 per cent to €105.4m.
Playtech finalised an agreement to sell Snaitech to Flutter for €2.3 billion, with the deal expected to close by mid-2025.
This transaction will enable Playtech to return €1.7 billion to shareholders and allocate €350 million towards an outstanding bond.
Mor Weizer, CEO of Playtech, emphasised the positive impact of Snaitech on the company’s growth, despite challenging market conditions.
Weizer remarked, “Snaitech has been a key part of Playtech’s growth in recent years and the team delivered another solid performance in the first half, despite the impact of customer-friendly sporting results.”
He expressed confidence in Playtech’s future, citing a clear strategy, strong balance sheet, and a capable team.
Playtech witnessed significant growth in its US and Canadian markets, with revenues tripling during the period.
Significant opportunities in these regions were highlighted by the company’s strategy to expand its presence.
Diluted earnings per share rose by 22 per cent, from 17.5 cents to 33.6 cents.
The company has committed to delivering €1.7 billion to shareholders following the Snaitech sale, in addition to using €350 million to settle an outstanding bond.
The financial results revealed broad-based growth across key markets, driven by high operating leverage and tight cost control.
Playtech plans to accelerate its expansion in the US and Canada, seeing these markets as vital growth areas.
Weizer stated, “With a clear strategy, a strong balance sheet and a great team behind us, we remain very confident in Playtech’s future prospects.”
Playtech’s financial achievements underscore its effective B2B strategy and the profitable sale of Snaitech.
The company is poised for further growth, bolstered by a solid financial outlook and ambitious expansion plans.
