Playtech Share News (PTEC)

(Sharecast News) - Gambling software company Playtech said on Wednesday that it has performed better in the first quarter than it was expecting at the time of its trading update in March, driven by a strong performance from its financials division, TradeTech.
In the period from 1 January to 30 April, adjusted earnings before interest, tax, depreciation and amortisation stood at €117m. This was attributed in large part to an "exceptional" performance from TradeTech, which benefitted significantly from increased market volatility and trading volumes. TradeTech generated adjusted EBITDA of more than €45m during the period.

In April alone, adjusted EBITDA was €23 million, driven by TradeTech, it said.

The company also pointed to a "very strong" performance from Italian business Snaitech in January and February and favourable sporting results.

Monthly cash flow remained positive in March and April and Playtech hailed "significant operational progress" with existing and new Tier-1 licensees and over 20 new brands added.

"Despite Covid-19 starting to severely impact some of the group's businesses, the results for March as a whole were in line with the company's original pre-Covid-19 expectations with strong performance from the company's online business including Live Casino, its JV partners as well as a particularly strong performance from TradeTech," Playtech said.