Gambling technology company Playtech saw adjusted net profits plummet 34% to €83.3m in the first half of 2018 as "disappointing" market conditions in Asia offset an increase in revenue. Total net revenue climbed 4% to €436.5m, and, excluding its Asia business, where it faces increased competition from new entrants and tougher regulation, rose 35%. The company noted that the headwinds in the Asian market were "not reflective" of the core strength of the Playtech model as the regulated segment continued to report organic growth and "encouraging momentum". "Playtech has had an extremely busy first half of the year with important operational progress and new licensee wins in key strategic markets, the UK, Europe and Latin America. This continued progress is resulting in higher quality earnings for Playtech with Group revenue now 69% regulated. Following headwinds in Asia and a full-year contribution from the landmark Snaitech acquisition, regulated revenue at current run rate is expected to be c. 80% in 2018," said Chairman Alan Jackson. At 8:20am: (LON:PTEC) Playtech Ltd share price was +22.1p at 539.3p
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