Playtech plc
('Playtech' or the 'Company')
AGM trading update
Continued progress on strategic initiatives
Playtech plc (LSE: PTEC) is pleased to report on trading for the period from 1 January 2024 to 30 April 2024.
Overview
Playtech delivered a solid trading performance during the period with strong underlying trends, partly offset by the impact of customer-friendly sporting results.
Divisional review
B2B
Playtech's B2B division performed well during the first four months of 2024, driven by a combination of revenue growth in regulated markets and benefits from tighter cost control.
Growth in regulated markets was led by the Americas with the US and Canada increasing their contribution, albeit from a small base, while Mexico and Colombia continue to perform well.
Live continues to take advantage of the market's rapid expansion, delivering solid growth in the period, while Casino is also showing strength. The higher margin, less capital-intensive SaaS business showed continued momentum with strong revenue growth, further launches and new customer signings.
B2C
Snaitech performed well on an underlying basis, with wagers showing strength across both the online and retail betting segments. This was achieved despite tough comparatives in 2023, which benefitted from pent-up demand post the football World Cup.
As has been well-flagged by industry peers, strong volumes have been partly offset by customer-friendly sporting results in Italy. Notwithstanding this, we remain well-positioned to continue to benefit from the structural shift to the higher-margin online business in Italy.
Caliplay update
Caliplay remains a highly important customer and Playtech continues to maintain an open dialogue with Caliplay to discuss a path forward, although fees owed to Playtech remain uncollected. While the Company believes it has visibility over substantially all of the revenue generated by Caliplay's business, and as such, can confirm that Caliplay continues to perform strongly, Playtech has been unable to obtain full financial information from Caliplay during the period. As a result, the revenue generated from the additional B2B services element of the agreement is partly based on an estimation, which takes account of prior trends and information provided.
Board change
As previously announced on 25 April 2024, Doreen Tan will join the Board as an Independent Non-executive Director on 9 July 2024, bringing a wealth of experience over a career spanning more than 30 years, gained at some of the world's leading financial institutions.
Summary
Given the strategic progress being made across 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.
- 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 7,700 employees across 19 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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