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Playtech "on track" to meet annual targets after first-half growth

Thu, 07th Sep 2023 09:46

(Alliance News) - Playtech PLC on Thursday said its statutory profit decreased in its first half of the year, but that it experienced strong growth in revenue and hopes to beat current full-year forecasts.

The Isle of Man-based gambling software development company said its statutory pretax profit for the first half of 2023 was EUR79.6 million, down 23% from EUR103.7 million the year before.

Its adjusted pretax profit increased 14% to EUR139.3 million from EUR122.3 million, meanwhile. Playtech said its adjusted results reflect non-cash and one-off items, material reorganisation costs and acquisition-related costs.

Revenue increased 8.5% to EUR859.6 million from EUR792.3 million.

Reported earnings before interest, tax, depreciation and amortisation increased 19% to EUR207.3 million from EUR173.9 million, while adjusted Ebitda increased 10% to a "record" EUR219.9 million from EUR199.1 million.

Chief Executive Officer Mor Weizer commented: "We delivered our highest ever adjusted Ebitda in the first half of 2023, demonstrating the benefits of the continued strategic and operational progress made in recent years."

Playtech did not declare an interim dividend, unchanged from last year.

Playtech said the second half of 2023 "has started well with normal seasonality," and believes it is "on track" to deliver adjusted Ebitda "slightly ahead of current expectations" for the full year.

"With our proven strategy, robust balance sheet and our operational expertise, we are confident in our ability to capitalise on the many growth opportunities we have ahead," said Weizer.

Playtech shares were up 2.1% at 535.68 pence in London on Thursday.

By Emma Curzon, Alliance News reporter

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