Playtech
plc
('Playtech' or the
'Company')
AGM trading
update
Continued progress on
strategic initiatives
Playtech plc (LSE: PTEC) is pleased
to report on trading for the period from 1 January 2024 to 30 April
2024.
Overview
Playtech delivered a solid trading
performance during the period with strong underlying trends, partly
offset by the impact of customer-friendly sporting
results.
Divisional review
B2B
Playtech's B2B division performed
well during the first four months of 2024, driven by a combination
of revenue growth in regulated markets and benefits from tighter
cost control.
Growth in regulated markets was led
by the Americas with the US and Canada increasing their
contribution, albeit from a small base, while Mexico and Colombia
continue to perform well.
Live continues to take advantage of
the market's rapid expansion, delivering solid growth in the
period, while Casino is also showing strength. The higher margin,
less capital-intensive SaaS business showed continued momentum with
strong revenue growth, further launches and new customer
signings.
B2C
Snaitech performed well on an
underlying basis, with wagers showing strength across both the
online and retail betting segments. This was achieved despite tough
comparatives in 2023, which benefitted from pent-up demand post the
football World Cup.
As has been well-flagged by industry
peers, strong volumes have been partly offset by customer-friendly
sporting results in Italy. Notwithstanding this, we remain
well-positioned to continue to benefit from the structural shift to
the higher-margin online business in Italy.
Caliplay update
Caliplay remains a highly important
customer and Playtech continues to maintain an open dialogue with
Caliplay to discuss a path forward, although fees owed to Playtech
remain uncollected. While the Company believes it has visibility
over substantially all of the revenue generated by Caliplay's
business, and as such, can confirm that Caliplay continues to
perform strongly, Playtech has been unable to obtain full financial
information from Caliplay during the period. As a result, the
revenue generated from the additional B2B services element of the
agreement is partly based on an estimation, which takes account of
prior trends and information provided.
Board change
As previously announced on 25 April
2024, Doreen Tan will join the Board as an Independent
Non-executive Director on 9 July 2024, bringing a wealth of
experience over a career spanning more than 30 years, gained at
some of the world's leading financial institutions.
Summary
Given the strategic progress being
made across the business, the Board remains confident in Playtech's
ability to execute on the exciting growth opportunities across both
B2B and B2C divisions over the medium term.
- ENDS -
For further information please contact:
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Playtech plc
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+44 (0) 20 3805 4822
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Sandeep Gandhi, Head of Investor
Relations
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Headland (PR adviser to Playtech)
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+44 (0) 20 3805 4822
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Lucy Legh, Jack Gault
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About Playtech
Founded in 1999 and premium listed on
the Main Market of the London Stock Exchange, Playtech is a
technology leader in the gambling industry with over 7,700
employees across 19 countries.
Playtech is the gambling industry's
leading technology company delivering business intelligence driven
gambling software, services, content and platform technology across
the industry's most popular product verticals, including, casino,
live casino, sports betting, virtual sports, bingo and poker. It is
the pioneer of omni-channel gambling technology through its
integrated platform technology, Playtech ONE. Playtech ONE delivers
data driven marketing expertise, single wallet functionality, CRM
and responsible gambling solutions across one single platform
across product verticals and across retail and online.
Playtech partners with and invests in
the leading brands in regulated and newly regulated markets to
deliver its data driven gambling technology across the retail and
online value chain. Playtech provides its technology on a B2B basis
to the industry's leading retail and online operators, land-based
casino groups and government sponsored entities such as lotteries.
Playtech directly owns and operates Snaitech, the leading sports
betting and gaming company in online and retail in
Italy.