Playtech praises business model after ‘strong’ showing in H1
Playtech has cited the impact of its business model, as well as underlying growth and recent acquisitions, as the some of the main reasons behind year-on-year growth across key financials during the six months to June 30.
Revenue in the first half amounted to at €421.6m ($497.4m), which represents an increase of 25% on the €337.7m posted in the corresponding period last year.
Adjusted earnings before interest, tax, depreciation and amortisation hiked 19% from €143.8m to €170.9m.
Playtech also reported profit growth, with adjusted net profit up 60% year-on-year to €125.5m and reported net profit climbing 84% to €89.6m.
Adjusted diluted earnings per share for the period stood at 36.2 cents, up 60% on last year, while total dividend per share also increase 10% To 12.1 cents.
Playtech chairman Alan Jackson said: “The proven strength of the Playtech model was once again demonstrated with a strong H1 performance driven by both underlying growth and recent acquisitions.
“As always, Playtech’s performance has been converted into strong cash generation enabling a 10% increase in the interim dividend, in line with the progressive dividend policy.
“The first half of the year saw Playtech’s Gaming Division deliver strong growth with double-digit underlying growth and recent acquisitions integrated and performing in line with expectations.
“Playtech has also continued to execute on its industry leading omni-channel solution by deepening its offering in key verticals with the integration of Playtech BGT Sports creating a fully integrated best-in-class sports technology solution and the launch of the world's largest live casino studio in Latvia, revolutionising the offering in a growing and dynamic channel.”
Confirmation of the results comes after Playtech yesterday (Wednesday) said it had agreed a deal to acquire technology, intellectual property and certain customer assets from ACM Group.
Jackson added: “As with the Gaming Division, momentum in the Financials Division continued with improvements across all KPIs.
“The announced acquisition of assets from Alpha brings an important new B2B revenue stream and the creation of TradeTech Group as our operating and corporate brand for the business is an important milestone and better reflects the broadening of the division's offering towards a full turnkey B2B financial trading solution.
“Taken all together, this proven platform for growth across the business has again delivered a strong performance and management remain confident of further strategic progress in the second half of 2017.”
Related article: Playtech to acquire assets from ACM Group