Playtech predicts solid 2020 performance ahead of market consensus
Playtech has published a trading update letting investors be aware of the fact that its full-year 2020 corporate performance is expected to be ‘ahead of market consensus’. The FTSE250 technology group predicts reporting a ‘solid financial performance for 2020’ through delivering an adjusted EBITDA expected to be ‘at least €300 million’.
Providing a review of all its 2020 activities, Playtech highlighted that the company had attained important strategic progress in key areas against the scene of the COVID-19 pandemic. Commercial highlights saw the company set foot in the US wagering market after obtaining brand new technology agreements with bet365 and Entain in New Jersey.
Moreover, Playtech has been extending its presence in the Latin American market via the powerful growth of its partnership with Mexican market leader Grupo Caliente and recent launches in Colombia with Wplay. Operationally, Playtech emphasized the strength of its core B2B unit, which reported massive growth across casino, live gaming, poker and bingo.
Strong B2B gaming growth kept the group’s performance steady as its sports B2B units were disturbed by retail closures and sports disruptions all throughout the year.
Even though the company faced significant obstacles in 2020, Playtech reported that its Italian B2C asset Snaitech mounted an H2 comeback closing 2020 trading.
2020 also witnessed Playtech continue to streamline its technology assets as the company focused its business on real money gambling, which ended in the $10 million sale of its YoYo Games social gaming unit. Playtech governance stated that the FTSE firm continues to be in discussions concerning the probable sale of its Financials division Finalto.
A statement read:
Whilst the COVID-19 pandemic continues to pose challenges and the macroeconomic outlook remains highly uncertain, Playtech remains well placed to make further strategic and operational progress in 2021.