TIDMPTEC
RNS Number : 4105A
Playtech PLC
24 May 2023
Playtech plc
('Playtech' or the 'Company')
Trading update
Continued momentum across B2B and B2C; well-placed for rest of
2023
Playtech plc (LSE: PTEC) is pleased to report on trading for the
period from 1 January 2023 to 30 April 2023.
Overview
Playtech has continued to make good progress against its
strategic objectives in 2023 across both the B2B and B2C divisions,
supported, in particular, by continued strong growth from Snaitech
and Caliente. Although current growth rates are expected to
moderate somewhat later in the year as a result of certain
tailwinds in Q1, the Board now expects 2023 Adjusted EBITDA to be
slightly ahead of current consensus expectations.
Divisional review
B2B Gambling
Playtech's B2B division performed very well throughout the first
four months of 2023, driven by regulated markets.
The Company extended its market-leading presence in Latin
America, with Caliente continuing to demonstrate strong growth,
building on its leadership position in Mexico.
Strategic progress continues to be made in the US. In early
2023, we signed a landmark agreement with Hard Rock Digital,
accelerating our US strategy. As part of the agreement, Playtech
has also invested $85 million (c.EUR80 million) in exchange for a
low single-digit % minority equity ownership stake.
The strategically important Live Casino business continues to
capitalise on the market's rapid expansion, delivering good growth
in the period. Momentum also continued within the higher margin
SaaS business with very strong revenue growth, further launches and
new customer signings.
B2C Gambling
The B2C division continues to perform very well, driven by
Snaitech. The resumption of football after the World Cup combined
with pent-up demand provided a tailwind at the start of the year,
with the retail segment in particular seeing very strong growth.
The online business also continued to see good growth.
The strategic and operational measures put in place within the
HAPPYBET business are beginning to take effect with the EBITDA loss
reducing slightly in the trading period versus the prior year.
Board changes
As previously announced, Ruby Yam will join the Board as an
Independent Non-executive Director on 1 June 2023, while John
Krumins has advised the Board that he will be stepping down after
the publication of the Group's interim results in September
2023.
Outlook
The strong start to 2023 as announced at the FY22 results in
March 2023 has continued, driven by Snaitech and Caliente and
consistent with the structural growth drivers within the industry.
Although current growth rates are expected to moderate somewhat
later in the year as a result of certain tailwinds in Q1, the Board
now expects 2023 Adjusted EBITDA to be slightly ahead of current
consensus expectations.
Given the momentum in the business, the Board remains confident
in Playtech's ability to execute on the exciting growth
opportunities across both B2B and B2C divisions over the medium
term.
Mor Weizer, CEO, commented: "I am delighted to report that our
strong start to the year has continued, with growth across both the
B2B and B2C divisions. Our strategy of focusing on regulated or
soon-to-be regulated markets, combined with Snaitech's impressive
performance in Italy, means we remain well-positioned to make
further progress and capitalise on the significant growth
opportunities ahead."
- ENDS -
For further information please contact:
Playtech plc +44 (0) 20 3805 4822
Sandeep Gandhi, Head of Investor Relations
Headland (PR adviser to Playtech) +44 (0) 20 3805 4822
Lucy Legh, Jack Gault
About Playtech
Founded in 1999 and premium listed on the Main Market of the
London Stock Exchange, Playtech is a technology leader in the
gambling industry with over 7,000 employees across 20
countries.
Playtech is the gambling industry's leading technology company
delivering business intelligence driven gambling software,
services, content and platform technology across the industry's
most popular product verticals, including, casino, live casino,
sports betting, virtual sports, bingo and poker. It is the pioneer
of omni-channel gambling technology through its integrated platform
technology, Playtech ONE. Playtech ONE delivers data driven
marketing expertise, single wallet functionality, CRM and
responsible gambling solutions across one single platform across
product verticals and across retail and online.
Playtech partners with and invests in the leading brands in
regulated and newly regulated markets to deliver its data driven
gambling technology across the retail and online value chain.
Playtech provides its technology on a B2B basis to the industry's
leading retail and online operators, land-based casino groups and
government sponsored entities such as lotteries. Playtech directly
owns and operates Snaitech, the leading sports betting and gaming
company in online and retail in Italy.
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END
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