(Alliance News) - Playtech PLC on Wednesday said it performed well in the first four months of the year, though it noted progress was "partly offset by the impact of customer-friendly sporting results".
The Isle of Man-based gambling software development company said it delivered a "solid" trading performance in the first four months of 2024, with strong underlying trends.
The company said its business-to-business division performed well due to a mix of revenue growth in regulated markets and 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," Playtech said.
In its business-to-customer unit, Snaitech performed well despite tough comparatives in 2023 which had benefited from pent-up demand after the football World Cup.
However, Playtech lamented "customer-friendly" sporting results partly offsetting its trading performance, highlighting 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," the company said.
Playtech shares were 0.8% lower at 485.00 pence each on Wednesday around noon in London.
By Tom Budszus, Alliance News slot editor
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Playtech (PTEC)