Playtech trading update sees results “in line with expectations”
Online gaming and financial trading firm Playtech plc (LON:PTEC) issued a brief Trading Update this morning, not providing much in terms of details or guidance but stating that it sees results (since its last update at the end of May) “in line with its expectations.”
Regarding the now-contentious sale process for its Financials division consisting of Finalto and Markets.com, Playtech said that it expects to publish a supplementary circular in the coming days, as we reported earlier this month.
The full text of the Playtech trading update follows:
Playtech PLC
27 July 2021
Trading Update
Very strong online performance continues
Playtech plc (“Playtech”) is pleased to report on trading for the period from 1 January to 30 June 2021. Playtech will announce its interim results on 23 September 2021.
Core B2B and B2C
Playtech has performed in line with its expectations since its trading update on 26 May 2021 as its online businesses continued to perform very strongly and retail in Italy began to reopen from mid-June.
Overall H1 results were in line with its expectations at the start of the year albeit with a different mix of contributions than originally anticipated. The very strong performance from B2B online, particularly Caliente, and Snaitech’s online business offset the impact of the longer than expected retail closures in Italy. Playtech’s business in Asia was stable through H1, in line with the levels achieved in H2 2020.
Playtech has continued to make significant progress against its strategic and operational objectives, including in its key target growth markets of the US, Latin America and Europe. In the US the Company signed a strategic, multi-state, multi-product deal with the Greenwood companies, which operate the Parx Casino, and subsequently launched in Michigan with further launches planned later in 2021 and 2022. Further progress includes entering into a strategic agreement with Holland Casino in Europe, a new global distribution agreement with Scientific Games and continued strong performances from Caliente and others in Latin America.
Whilst the COVID-19 pandemic continues to pose challenges and the macroeconomic outlook remains uncertain with the possibility of further unexpected lockdowns, given the strong H1 performance and the momentum within the business, the Board is confident of the Company’s prospects for the remainder of 2021 and beyond.
Finalto
As previously announced, Playtech expects to publish a supplementary circular in the coming days to update shareholders on the Finalto sale process.