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Playtech Updates Earnings Outlook For 2022 Fiscal Year

Posted on February 2, 2023 | 7:15 am

Playtech, one of the world’s biggest providers of software and content for online casinos, has announced that it has updated its earnings outlook for the 2022 fiscal year following the interim results for the first half of the year.

The company announced that its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the full 2022 fiscal year are expected to amount to at least 400 million euros. That figure would represent an increase of 26 percent compared to the 2021 financial year.

The global supplier of slot games and live casino titles revealed that the driving force behind the solid results has been represented by its business-to-business activities, along with its Snaitech business. The full results for the 2022 fiscal year will be released on 23 March 2023.

For the first half of the fiscal year the company reported revenues of 792.3 million euros, a figure which represents a substantial increase of 73 percent compared to the previous year.

Moreover, adjusted EBITDA for the first half of the year recorded an increase of 64 percent year-on-year to 203.8 million euros, while reported profit declined by 82 percent to 71.4 million euros.

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Takeover Proposals Falling Through

Last year Playtech was the subject of continued takeover rumors after the company’s shareholders rejected an offer from Aristocrat, the famous Australian company that manufactures slot machines.

After that companies such as JKO Play and TTB Partners seemed eager to join the race to take over Playtech, but in the end one of these intentions materialized in actual bids for the company’s shares.

Meanwhile, Playtech decided to streamline its business by selling Finalto, its financial trading division, to Gopher Investments, a company that owns a 4.97 percent stake in Playtech.

Playtech was founded in 1999 and has developed into a famous provider of video slots and live casino titles. The company has around 6,400 employees in 24 countries, and its games can be found in almost all the largest online casinos in the world. Playtech’s live casino titles are currently broadcast from studios in the United States, Latvia, Estonia, the Philippines and Romania.

SOURCE“Playtech updates adjusted EBITDA outlook to €400m for 2022“Gambling Insider. January 26, 2023.

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