Playtech maintains momentum as revenue remains on track

Playtech chairman Alan Jackson has said that the company was able to maintain the momentum it experienced last year, with growth in daily average revenue for its gaming division during the first 53 days of 2016 in line with expectations.

Speaking at the firm’s Annual General Meeting, Jackson said that following a number of improvements during the final quarter of last year, the company’s financials division was also able to perform as expected, despite a “backdrop of high market volatility” in January and February.

Jackson also said the company expects a number of “significant wins” throughout the course of this year, adding that the new licensee wins it secured last year will help support growth during the remainder of 2016.

“I am delighted to say that the momentum that Playtech enjoyed in 2015 has continued into 2016,” Jackson said.

“Our pipeline of M&A opportunities remains healthy with active discussions in the gaming division as well as discussions for selective bolt-on acquisitions in the financials division.

“As we stated at the time of our 2015 full-year results, should suitable acquisitions not be available, consideration will be given to returning cash to shareholders as we look to maintain an efficient capital structure.

“We remain confident of continued success and strong growth in 2016 and beyond.”

The announcement comes after Playtech in March said that it would no longer release trading updates for the first or third quarter, moving it in line with other companies that have a Premium Listing on the London Stock Exchange.

Earlier this year, the UK Investment Association recommended companies move to this model to encourage long-term investment practice.

Related article: Playtech to cease publication of Q1 and Q3 trading updates