2023 proved fruitful for London-listed Playtech (LSE: PTEC), whose
adjusted revenue grew 7%, and EBITDA increased 9% to €423.3 million
compared to 2022.
However,
the net income of the financial trading industry company fell slightly to €50.2
million.
Playtech Delivers Strong
Financial Results in 2023
Playtech's
revenue from continuing operations increased to €1,706.7 million in 2023,
demonstrating the company's strong financial performance. The B2B division saw
revenue growth of 8% to €684.1 million, while B2C revenue surpassed €1 billion
for the first time, reaching €1,037 million.
"Playtech
performed very strongly over the year and delivered Adjusted EBITDA up 9% to
€432 million, ahead of previously raised expectations,” said Mor Weizer, the
CEO of Playtech.
Despite
increases in revenue and EBITDA and a significant jump in reported net
profit, the adjusted post-tax profit slightly contracted, decreasing 2%
compared to 2022. Ultimately, Playtech earned €50.2 million in 2023.
The company
has maintained its medium-term Adjusted EBITDA targets for both B2B (€200-250
million) and B2C (€300-350 million) divisions.
"With
regards to outlook, we are well set to achieve our medium-term targets for both
B2B and B2C divisions and have a high-quality balance sheet giving us the
flexibility to pursue both organic and inorganic growth opportunities,"
Weizer added.
Divisional Performance
Both B2B
and B2C divisions demonstrated solid performance. The B2B division's Adjusted
EBITDA increased 14% to €182 million, driven by strong operating leverage
Leverage
In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders
In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders
Read this Term.
Live Casino continued to see good revenue growth, particularly in regulated
markets.
In the B2C
division, Snaitech revenue grew 5% to €946.6 million, maintaining its number
one market share position across Italian sports betting brands. Sun Bingo and
Other B2C saw Adjusted EBITDA grow to €6 million, driven by more effective
marketing
Marketing
Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t
Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t
Read this Term spend and improved user experience.
Strategic Partnerships and
Expansion
In 2023, Playtech made significant strides in its strategic partnerships and expansion
efforts. The company signed a landmark partnership with Hard Rock Digital and
now operates three US Live Casino facilities, with licenses in 11 US states.
The Americas region was the biggest growth driver for Playtech, with revenue
increasing 46% to €211.9 million.
"As
well as delivering excellent financial results, the Group made important
strategic and operational progress, including our expansion across the
US," Weizer concluded.
2023 proved fruitful for London-listed Playtech (LSE: PTEC), whose
adjusted revenue grew 7%, and EBITDA increased 9% to €423.3 million
compared to 2022.
However,
the net income of the financial trading industry company fell slightly to €50.2
million.
Playtech Delivers Strong
Financial Results in 2023
Playtech's
revenue from continuing operations increased to €1,706.7 million in 2023,
demonstrating the company's strong financial performance. The B2B division saw
revenue growth of 8% to €684.1 million, while B2C revenue surpassed €1 billion
for the first time, reaching €1,037 million.
"Playtech
performed very strongly over the year and delivered Adjusted EBITDA up 9% to
€432 million, ahead of previously raised expectations,” said Mor Weizer, the
CEO of Playtech.
Despite
increases in revenue and EBITDA and a significant jump in reported net
profit, the adjusted post-tax profit slightly contracted, decreasing 2%
compared to 2022. Ultimately, Playtech earned €50.2 million in 2023.
The company
has maintained its medium-term Adjusted EBITDA targets for both B2B (€200-250
million) and B2C (€300-350 million) divisions.
"With
regards to outlook, we are well set to achieve our medium-term targets for both
B2B and B2C divisions and have a high-quality balance sheet giving us the
flexibility to pursue both organic and inorganic growth opportunities,"
Weizer added.
Divisional Performance
Both B2B
and B2C divisions demonstrated solid performance. The B2B division's Adjusted
EBITDA increased 14% to €182 million, driven by strong operating leverage
Leverage
In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders
In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders
Read this Term.
Live Casino continued to see good revenue growth, particularly in regulated
markets.
In the B2C
division, Snaitech revenue grew 5% to €946.6 million, maintaining its number
one market share position across Italian sports betting brands. Sun Bingo and
Other B2C saw Adjusted EBITDA grow to €6 million, driven by more effective
marketing
Marketing
Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t
Marketing is defined as the business process of identifying, anticipating and satisfying customers' needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t
Read this Term spend and improved user experience.
Strategic Partnerships and
Expansion
In 2023, Playtech made significant strides in its strategic partnerships and expansion
efforts. The company signed a landmark partnership with Hard Rock Digital and
now operates three US Live Casino facilities, with licenses in 11 US states.
The Americas region was the biggest growth driver for Playtech, with revenue
increasing 46% to €211.9 million.
"As
well as delivering excellent financial results, the Group made important
strategic and operational progress, including our expansion across the
US," Weizer concluded.
