Playtech Share News (PTEC)

(Sharecast News) - Gambling software development company Playtech hailed an "excellent" first-half performance on Thursday, with a rise in revenues and earnings driven by regulated B2B markets and the Snaitech business.

In the six months to 30 June, adjusted earnings before interest, taxes, depreciation and amortisation increased 64% to €203.8m, with revenues up 73% at €792.3m. Playtech said its performance in the half was ahead of the group's expectations.

Playtech highlighted a particularly solid performance from Italian gaming and betting business Snaitech, which saw gambling revenue growth of 182% to €446m, and adjusted EBITDA growth of 154% to €131.7m. The strong performance was driven mainly by the reopening of retail sites in Italy, which occurred at the end of June 2021 and have since remained open, it said.

The company also announced a new medium-term adjusted EBITDA target for Snaitech of between €300m and €350m.

Chief executive Mor Weizer said: "Our success in the period was powered by our B2B business in the Americas and Europe, alongside yet another excellent contribution from Snaitech. We continue to make great strides in executing our US strategy, launching with Parx Casino in Pennsylvania, signing several exciting deals with leading Global and US brands, and progressing additional licence applications.

"The Americas remain one of the group's biggest growth drivers, with continued strong revenue growth in Mexico as well as Brazil complemented by new launches and partnerships in the US, Canada and Peru."