One of the most prominent content providers Playtech has released a financial report for the first half of the current year. The published results brought a lot of surprise to the industry as the provider announced severe losses in revenue compared to the 2018 H1. Continue reading for a closer look at the results of the report.
The provider reported a profit before taxation of €28 million, which is far below the €124.2 million reported the previous year. However, it was also reported that the software company generated a 9% higher revenue compared to H1 2018. The growth of the revenue and cost controls pushed the Core B2B Gambling margin forward 29%. To draw a parallel, in H1 2018, the margin was 19%.
But the overall result was not that bad. Even though the overall revenue experienced a dip, the implementation of strong strategies managed to salvage several aspects of the company dealings, including shareholder returns which are up 15%.
Snaitech was the group’s top performer in the first half of the year with 26% growth in adjusted EBITDA (taken from €59.3 million in H1 2018 after excluding gambling tax setbacks and 2018 World Cup impact, to €74.7 million in H1 2019).
Upon the release of the report, Chairman of the company Alan Jackson released a statement where he mentioned:
“Playtech’s combination of scale and leadership in technology continues to deliver growth and strategic progress in our core gambling businesses.”
Jackson also added that the group’s progress had been driven by a new revenue increase of 87%. “In our B2B business double-digit growth in regulated markets outside of the UK has been accompanied by landmark new licensee wins in key regulated markets, laying the foundations for future growth.”
Finally, the company’s first person concluded that Snaitech, its B2C business, carried on to go from “strength to strength” displayinh thus mesmerising growth momentum in a crucial market.