Playtech PLC on Thursday said the sale of Snaitech was on track for the second quarter of 2025, as it reported a modest increase in annual sales.

The Isle of Man-based gambling software developer said revenue rose 4.7% to €1.79 billion in 2024 from €1.71 billion in 2023.

But earnings before interest, tax, depreciation and amortisation fell 12% to €358.8 million from €406.5 million.

On an adjusted basis, Ebitda rose 11% to €480.4 million from €432.3 million.

Playtech said performance was driven by strong momentum in business-to-business and good operating leverage.

Adjusted Ebitda in the B2B division grew 22% to €222.0 million in 2024 from €182.0 million a year prior, reaching the medium-term target range of €200 million to €250 million set two years ago, ahead of schedule.

The Americas was the biggest driver of growth in B2B, with revenue up 19% to €251.6 million from €211.9 million.

Shares in Playtech were 0.4% higher at 736.00 pence each in London on Thursday morning.

In September, Playtech announced the €2.3 billion sale of its Italian operation Snaitech to Paddy Power-owner Flutter Entertainment PLC.

On completion, which is expected in the second quarter of 2025, Playtech intends to return €1.7 billion to €1.8 billion to shareholders by way of a special dividend.

Playtech will then focus on being a B2B company.

The firm said continuing operations, excluding Snaitech, delivered revenue of €848.0 million in 2024, up 10% from €771.9 million in 2023.

Ebitda fell 16% to €127.7 million from €152.0 million.

The company reported a good start to trading in 2025, reflecting strong underlying growth trends in B2B, it said.

Playtech announced new medium-term targets for the continuing business of adjusted Ebitda between €250 million to €300 million. It is targetting a free cash flow range of €70 million to €100 million.

Chief Executive Mor Weizer said: ‘2024 was a landmark year for Playtech. We successfully reached an agreement to sell Snaitech to Flutter Entertainment, delivering significant value to our shareholders while enabling Playtech to refocus predominantly on its core strengths as a pure-play B2B business.

‘The combination of Playtech’s industry-leading technology with its exposure to attractive markets underpins our confidence in the group’s new medium-term targets.’

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