Playtech on Monday published its trading statement for the period since June 30, 2018. The firm, which is a gaming and financial technology giant, has revealed that it is on track to meet its yearly forecasts.
Specifically, back in August when Playtech released its first-half financial report, the firm said that it expects to achieve an adjusted EBITDA in the range of €320 million to €360 million for 2018.
Taking a look at the firm’s B2B Gaming Division, revenue has continued in line with the first-half trends reported in August, which saw total revenues excluding Asia up 35 percent when compared to the first half of 2017.
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In the first half of 2018, Playtech’s results were weighed down by market conditions in Asia. Today, the firm reported that revenue for the region has stabilized at an annualized revenue run-rate of approximately €150 million.
As was the case in the first half of the year, Playtech continued to benefit from the Snaitech acquisition. In March, the company agreed to a deal worth €846m ($995.5 million) to purchase 70.6 percent of the issued share capital in the company. This momentum has resulted in the company’s B2C business continuing to trade in line with its expectations.
Playtech Group’s Financial Position
Since the first half of 2018, the financial position of the firm remains solid, the statement said. This is because the firm has continued to improve the efficiency of its balance sheet, with the sale of its stake in Plus500.
As Finance Magnates reported, earlier this year Playtech sold its 9.99 percent stake (11.4 million shares) in the retail brokerage at 1.550 pence per ordinary share. This earnt the firm a £176 million ($227 million) gain. Furthermore, in October, Playtech announced that it had raised €530 million in a bond sale. Leveraging its size, the firm managed to price the issue at 3.75 percent.