(Alliance News) - Playtech PLC on Thursday said it is in a "strong" position to take advantage of market opportunities going forward after swinging to loss in 2020.
The Isle of Man-based gambling software development company reported a revenue decline of 25% in 2020 to EUR1.08 billion. On a constant currency basis, revenue decreased by 24%. Finance income dropped to EUR1.1 million from EUR9.7 million year-on-year.
Playtech said it swung to a loss of EUR52.7 million compared to a EUR88.2 million profit in 2019.
The company said it has made strong progress on US strategy in 2020, with New Jersey and Michigan licences, and launches with bet365 and Entain PLC. In addition, it signed a multi-state strategic agreement with Parx.
"As the leading technology company in the gambling industry, our licensees look to us to deliver innovation that changes the way players experience gambling entertainment," said Chief Executive Mor Weizer.
"The significant strategic and operational progress we achieved in 2020 has placed us in a strong position to capture the exciting market opportunities ahead," added Weizer.
Given the uncertainty related to Covid-19, the company suspended shareholder distributions in February 2020. The share repurchase programme was also postponed with immediate effect and the 2019 final dividend was not proposed. In October 2019, the company distributed an interim dividend of EUR0.061 per share.
"Playtech remains committed to returning capital to shareholders whilst balancing the needs of the business and taking a prudent approach to its capital structure and leverage," it said Thursday.
Playtech shares were trading 2.6% lower in London on Thursday at 497.70 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Playtech (PTEC)