(Alliance News) - Playtech PLC on Thursday said it performed well in 2021, returning to profit on the back of a healthy rise in revenue, but the company did not declare any dividends as uncertainties remain.
The FTSE 250-listed gambling software firm reported pretax profit of EUR605.0 million in 2021, swinging from a EUR52.7 million loss in 2020.
Profit was helped by an unrealised fair value gain of derivative financial assets of EUR583.2, which did not feature the year before.
Revenue increased 12% to EUR1.21 billion from EUR1.08 billion.
Chief Executive Mor Weizer said: "Our full-year results demonstrate the quality of Playtech's technology, and the momentum across the group. Our strong performance is underpinned by our business-to-business 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. In Business-to-Consumer, the story is similar, with Snaitech continuing to outperform the market, achieving the position of the number one brand across sports betting and retail in Italy."
Playtech bought Italian gaming operator Snaitech SpA back in 2018.
Playtech did not declare any dividend for 2021, with the last dividend being an interim dividend in 2019 of EUR0.061 per share.
Playtech said it has seen an excellent start to 2022 and the B2B and B2C online businesses expected to continue delivering strong performances. It added that it is managing impact from the Ukraine invasion by Russia, but the risk of disruption as war continues.
"The macro-economic picture is of course uncertain, but we have started 2022 strongly, and with our businesses continuing to perform we are confident in our ability to continue to deliver against our strategy," Mor said.
Playtech shares were up 0.7% to 612.50 pence each in London on Thursday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Playtech (PTEC)