Source - Alliance News

Playtech PLC on Thursday reported a rise in annual revenue but suffered a fall in profit, but it gave a confident outlook for 2023.

Playtech is an Isle of Man-based gambling software development company. Seminole Hard Rock Digital is a Hollywood, Florida-based joint-venture for interactive gaming and sports betting owned by Hard Rock International (USA) Inc and Seminole Gaming.

Revenue rose by 33% to €1.60 billion in 2022 from €1.21 billion in 2021, driven by continued strength in B2B markets and its Snaitech business in Italy.

Pretax profit, however, fell to €95.6 million from €605.0 million a year earlier. Playtech said the fall in profit was mainly due to €583.2 million in unrealised fair value gains on derivative financial assets recognised in 2021, compared with just €6.0 million in 2022.

Adjusted pretax profit increased by 79% to €215.4 million from €120.4 million, and adjusted earnings before interest, tax, depreciation and amortisation was €405.6 million, up 28% from €317.1 million in 2021.

Chief Executive Officer Mor Weizer said: ‘2022 was a year of considerable strength for Playtech, in which we delivered record revenues and Ebitda, ahead of market expectations. All parts of the business contributed to this performance, with B2B powered by Europe and the Americas, and B2C’s impressive performance underpinned by Snaitech’s continued strength in the Italian market in both retail and online.’

Looking ahead, Playtech warned the uncertainty of the macroeconomic outlook. However, it said it has had a strong start to 2023. The company said it remains confident in its ability to execute on growth opportunities across both B2B and B2C divisions.

Playtech pays no dividend.

Shares were up 0.4% at 551.05 pence each on Thursday morning in London.

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