Playtech issues trading update

Online gambling software provider Playtech plc issued a trading update Monday, reporting on the period since 30 June 2018 and advising that overall performance is consistent with expectations, and the group remains on track to achieve adjusted EBITDA for 2018 in the range of Euro 320 million to Euro 360 million.

Trading in the B2B Gaming Division has continued in line with the trends reported at the interim results in August with good revenue growth outside of Asia. Revenue from Asia has stabilised at an annualised revenue run-rate of approximately Euro150 million, the company reported.

The momentum reported in H1 2018 by Snaitech has continued into the second half of the year with the business continuing to trade in line with expectations. The remainder of the B2C division also continues to perform in line with expectations.

TradeTech’s underlying KPIs have continued to display positive momentum during the second half of the year, although market movements favoured customers particularly in September and October.

The Group’s financial position remains strong,the report notes. During the period Playtech continued to improve the efficiency of its balance sheet with the sale of its stake in Plus500 and successfully completed a Euro 530 million bond offering.

The net proceeds of the offering, together with Playtech’s existing cash resources, have been used to repay all amounts outstanding under the bridge facility utilised for the purposes of the acquisition of Snaitech, to fund the redemption of the outstanding high-yield bonds issued by Snaitech and to pay for other transaction-related costs and expenses.

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