U.K.-listed Playtech said it expects to see continued strong results in the second half, despite macroeconomic uncertainty, after delivering a 73 percent jump in 1H22 revenue.
The company said B2B business in regulated markets powered growth, with the Americas and Europe leading the way. Playtech said its B2C business, Snaitech, also put in an “excellent” performance.
Revenue for the half came in at EUR792.3 million, with adjusted post-tax profit jumping 73 percent to EUR94.3 million. Reported post-tax profit declined 82 percent to EUR71.4 million, due to gains on derivative financial assets last year, which weren’t repeated this year.
The company said its business in the Americas grew by 50 percent in the half, or 37 percent at constant exchange rates. Europe excluding the U.K. increased 39 percent. Overall, B2B revenue growth was 17 percent at EUR312 million, helped by a strong start at Holland Casino in the newly regulated Netherlands market.
Playtech grows in U.S.
“We continue to make great strides in executing our US strategy, launching with Parx Casino in Pennsylvania, signing several exciting deals with leading Global and US brands, and progressing additional licence applications,” CEO Mor Weizer said. “The Americas remain one of the Group’s biggest growth drivers, with continued strong revenue growth in Mexico as well as Brazil complemented by new launches and partnerships in the US, Canada and Peru.
“We have navigated significant disruption and uncertainty in the period due to well-reported geopolitical tensions and inflationary pressures.
“The macroeconomic outlook remains uncertain given geopolitical tensions and inflationary pressures, however we have seen our excellent performance in H1 continue into H2 and expect to see continued strong results from both our B2B and B2C businesses.”
Snaitech retains top spot
Total B2C revenue came in at EUR487.3 million, compared with EUR196.6 million, while Snaitech adjusted EBITDA soared 154 percent to EUR131.7 million. The unit’s online revenue fell 5 percent from the prior year, despite the reopening of retail sites.
The company said Snaitech retained the number one slot by brand across retail and sports betting in Italy in the half. It has extended the firm’s licenses in Italy until 2024 at a cost of EUR23 million.
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