The company reported an increase of 8% in revenue and 19% EBITDA.
Playtech's CEO forecasts higher-than-expected results for the full FY23.
After a
strong 2022, London-listed Playtech (LSE: PTEC) has presented equally strong
preliminary revenue results for H1 2023. According to today's
(Thursday) report, adjusted revenues amounted to €859.6 million, growing by 8%
compared to last year.
Playtech Reports Strong H1 2023
Playtech, a
frontrunner in the financial trading industry, has shown significant growth,
particularly in EBITDA, and is on track to outperform expectations for the entire
year. The company's EBITDA saw a substantial rise of 19%, amounting to €207.3
million. Adjusted EBITDA rose to a record-high €219.9 million, increasing 10%
compared to €199.1 million which was reported a year ago.
"We
delivered our highest ever Adjusted EBITDA in the first half of 2023,
demonstrating the benefits of the continued strategic and operational progress
made in recent years," Mor Weizer, the CEO of Playtech, commented. "I
would like to thank all our colleagues for their hard work and support in
making this possible."
The company
reported an increase of 8% in revenue, reaching €859.6 million, compared to €792.3
million in the same period in 2022. However, despite the strong revenue and
EBITDA, the post-tax profit showed a visible decline, standing at €85.7 million
compared to €94.3 million in H1 2022. This drop is attributed to changes in the
fair value of derivative financial assets and deferred tax assets.
On a
brighter note, the company reduced its net debt by 50%, bringing it down to
€248.2 million. Playtech shares have strengthened since the morning in response
to the positive results, rising by nearly 3% on the London Stock Exchange to 540
pence.
In the financial year 2022, Playtech saw an increase of 33% in its revenue, reaching €1.6 billion. This growth was primarily fueled by its robust B2B operations and the impressive results from its subsidiary, Snaitech. When evaluated in terms of constant currencies, the revenue growth stood at 31%. The firm disclosed that it amassed €632.4 million in B2B revenue from regulated markets, marking an uptick of 14% compared to the year before. Additionally, its B2C revenue, encompassing both Snaitech and white-label services, surged 48%, totaling €983.1 million.
Focus on Regulated Markets
and Future Outlook
Playtech's
B2B division showed an increase of 7% in revenue, largely driven by its focus on
regulated markets. The Americas emerged as the standout region, with growth of 43% in revenue. The company also made significant strides in the US market,
securing licenses in Ohio, Maryland, and West Virginia.
Playtech is
optimistic about the second half of 2023, maintaining its medium-term EBITDA
targets for its B2B and B2C divisions. The company's balance sheet and current cash generation allow it to pursue both organic and
inorganic growth opportunities.
"We
have started the second half of the year well and are on track to deliver FY23
Adjusted EBITDA slightly ahead of current expectations. With our proven
strategy, robust balance sheet and operational expertise, we are confident in
our ability to capitalize on the many growth opportunities ahead," Weizer
added.
After a
strong 2022, London-listed Playtech (LSE: PTEC) has presented equally strong
preliminary revenue results for H1 2023. According to today's
(Thursday) report, adjusted revenues amounted to €859.6 million, growing by 8%
compared to last year.
Playtech Reports Strong H1 2023
Playtech, a
frontrunner in the financial trading industry, has shown significant growth,
particularly in EBITDA, and is on track to outperform expectations for the entire
year. The company's EBITDA saw a substantial rise of 19%, amounting to €207.3
million. Adjusted EBITDA rose to a record-high €219.9 million, increasing 10%
compared to €199.1 million which was reported a year ago.
"We
delivered our highest ever Adjusted EBITDA in the first half of 2023,
demonstrating the benefits of the continued strategic and operational progress
made in recent years," Mor Weizer, the CEO of Playtech, commented. "I
would like to thank all our colleagues for their hard work and support in
making this possible."
The company
reported an increase of 8% in revenue, reaching €859.6 million, compared to €792.3
million in the same period in 2022. However, despite the strong revenue and
EBITDA, the post-tax profit showed a visible decline, standing at €85.7 million
compared to €94.3 million in H1 2022. This drop is attributed to changes in the
fair value of derivative financial assets and deferred tax assets.
On a
brighter note, the company reduced its net debt by 50%, bringing it down to
€248.2 million. Playtech shares have strengthened since the morning in response
to the positive results, rising by nearly 3% on the London Stock Exchange to 540
pence.
In the financial year 2022, Playtech saw an increase of 33% in its revenue, reaching €1.6 billion. This growth was primarily fueled by its robust B2B operations and the impressive results from its subsidiary, Snaitech. When evaluated in terms of constant currencies, the revenue growth stood at 31%. The firm disclosed that it amassed €632.4 million in B2B revenue from regulated markets, marking an uptick of 14% compared to the year before. Additionally, its B2C revenue, encompassing both Snaitech and white-label services, surged 48%, totaling €983.1 million.
Focus on Regulated Markets
and Future Outlook
Playtech's
B2B division showed an increase of 7% in revenue, largely driven by its focus on
regulated markets. The Americas emerged as the standout region, with growth of 43% in revenue. The company also made significant strides in the US market,
securing licenses in Ohio, Maryland, and West Virginia.
Playtech is
optimistic about the second half of 2023, maintaining its medium-term EBITDA
targets for its B2B and B2C divisions. The company's balance sheet and current cash generation allow it to pursue both organic and
inorganic growth opportunities.
"We
have started the second half of the year well and are on track to deliver FY23
Adjusted EBITDA slightly ahead of current expectations. With our proven
strategy, robust balance sheet and operational expertise, we are confident in
our ability to capitalize on the many growth opportunities ahead," Weizer
added.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Click Here to Disrupt: Pay by Bank's Revolution in Online Payments
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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