Online gambling and financials group Playtech plc has posted strong H1-2017 results showing continued growth driven by recent acquisitions. A “confident” Playtech governance stated that its performance gains were a testament to a ‘proven model’ which had created an effective cash generating business.
Playtech has also continued to execute on its industry leading omni-channel solution by increasing its investment through its offering in key verticals. The company added increased investment is planned with the integration of Playtech BGT Sports creating a fully integrated best-in-class sports technology solution and the launch of the world’s largest Live Casino studio in Latvia, revolutionising the offering in a growing and dynamic channel.
“Management confident of a strong performance in 2017 driven by both organic growth and the acquisitions made in 2016 and 2017”
The company reported the following financial highlights:
- Total revenues of Euro 421.6 million up 25 percent vs H1 2016 on a reported basis (30 percent at constant currency rates).
- 20 % of growth attributable to acquisitions;
- 50 % of Group revenues were from regulated jurisdictions in H1 2017 (FY 2016: 48 percent);
- Adjusted EBITDA of Euro 170.9 million – up 19 5 yoy on a reported basis and 24 % at constant currency(in line with previous guidance)
- Adjusted diluted EPS up 21 percent at constant currency * Gross cash at period end Euro 536 million;
- Interim dividend per share up 10 percent
Playtech Governance confident of a strong performance in 2017 driven by both organic growth and the acquisitions made in 2016 and 2017, albeit with normalised levels of growth in the second half from Asia following unusually high levels of activity in the first half of 2017
Average daily revenue in the Gaming Division for the first 53 days of Q3 2017, traditionally the slowest part of the year, was up 1 percent on Q3 2016 (6 % at constant currency) and down 9 % on an unusually strong Q2 2017 (down 6 % at constant currency);
The proven strength of the Playtech model was once again demonstrated with a strong H1 performance driven by both underlying growth and recent acquisitions. As always, Playtech’s performance has been converted into strong cash generation enabling a 10% increase in the interim dividend, in line with the progressive dividend policy.