Playtech targets ‘strategic and operational’ progress

Playtech has said in a trading update that it has made “significant progress” on its strategy this year, with growth across a number of business sectors.

Published this morning (Wednesday) ahead of its Annual General Meeting, the update said Playtech has enjoyed both “organic and inorganic” progress so far this year.

Other key highlights from the first five months of 2018 include the acquisition of Snaitech, which, once complete, Playtech said will create the first vertically integrated gambling operator in Italy and also provide material earnings accretion.

The company has also secured new sports and casino agreements with operators including SAS in Portugal and Totalizator Sportowy in Poland, which it said will “deliver significant long-term growth opportunities”.

Playtech’s B2B gaming division has had mixed success this year, with average daily revenue excluding Asia up compared to the same period last year, but daily average revenue in Asia down.

The company said this was expected and management is “taking steps to protect its position in the region and drive revenues”.

Elsewhere, the B2C gaming division is performing in line with expectations with the Sun Bingo contract continuing to see some revenue improvement, while the TradeTech Group has also enjoyed a strong start to the year.

Playtech added: “Management is confident that achievements in 2017 and in 2018 to date have delivered a strong platform for further strategic and operational progress in 2018.”

Related article: Playtech agrees €846m Snaitech deal