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Playtech Records Excellent Financial Results In First Quarter

Posted on May 10, 2022 | 9:32 am

Playtech, one of the world’s leading providers of software and content for online casinos, including live dealer games, has announced that it recorded “excellent” results in the first quarter of 2022.

The good results came after a solid 2021, when Playtech increased its revenue by 12 percent compared to 2020. The first quarter of 2022 brought the company adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 106 million dollars.

The company revealed in a trading update that the good performance was driven by both its business-to-business and business-to-consumer activities. In the B2C side of things, the Snaitech division recorded impressive growth in online business and retail also recovered well following several months of downturn caused by the novel coronavirus pandemic.

As for the B2B side of the business, Playtech attributed the good results mainly to strong growth in the Americas, particularly in Mexico with the Caliplay brand. Moreover, Playtech revealed that its global operations, including live casino, have been booming thanks to new partnerships and new titles.

“The excellent start to the year gives the board great confidence in the prospects for 2022,” the company said in its trading update. The company also gave more details about the ongoing talks with TTB Partners, a firm that is trying to buy Playtech in the near future.

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Aristocrat Offer Collapsed

The proposition from TTB Partners came soon after an acquisition offer from Australia’s Aristocrat Leisure Limited collapsed. Aristocrat made the initial offer for Playtech in October, but after months of uncertainty the shareholders voted against the takeover.

Now Playtech revealed there had been some positive progress in the discussions with TTB Partners, but the talks are still far from producing the certainty that the firm will come with a suitable takeover bid.

Moreover, TTB Partners has some restrictions in place as part of the City Code on Takeovers and Mergers. Those restrictions were a result of the company’s role in advising Gopher Investments, a minority shareholder in Playtech, over its potential takeover offer for the business. Gopher Investments signaled its intention of making a bid in November 2021 but dropped out of the race a few weeks later.

Source: “Playtech hails “excellent” Q1 as adjusted EBITDA exceeds €100m“iGaming Business. May 5, 2022.

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