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(Sharecast News) - Gambling equipment maker Playtech reported a rise in annual profits as it continued to talk to a group of Asia-based investors about a takeover after the collapse of Aristocrat Leisure's bid earlier this year.
The company posted adjusted core earnings of €317m, up 25% on a 12% rise in revenue to €1.2bn driven by a strong performance in business-to-business operations which more than offset any Covid-19 impacts.
Playtech, which had 700 employees in Ukraine, added there was a risk of disruption to operations as the war with Russia continued. It has already suspended its business in Russia.
Reported pre-tax profit from continuing operations was €605.0m, up from a loss of €52.7m, mainly due to the €583.2 million of unrealised fair value gains on derivative financial assets.
"Our strong performance is underpinned by our B2B business, in particular the tremendous growth we have seen in the Americas. We have made real progress in the execution of our US strategy, supported by new licences, new launches and new partnerships, and we continue to go from strength to strength in Latin America, buoyed by new strategic agreements across the region," said chief executive Mor Weizer.
He added that talks with the TTB investor group, which effectively combined to scupper Aristiocrat's £2.7bn bid.
