Playtech reveals ‘strong’ financial growth in first half

Playtech chairman Alan Jackson has revealed that the company was able to make “significant” progress during the six months through to June 30, after the firm posted widespread year-on-year growth across key financials.

Revenue was the figure that improved the most in the first half, with this result coming in at €286 million ($324.2 million), up 33% from the €214.4 million posted in the corresponding period last year.

Adjusted earnings before interest, tax, deprecation and amortisation was also up 16% on a year-on-year basis from €97.6 million to €112.9 million.

Elsewhere, adjusted net profit jumped 19% to €115 million, while reported net profit also increased by 11% year-on-year to €83.9 million.

Playtech also noted that adjusted earnings per share grew by 19% to 39.6 cents, while interim dividend per share increase 8% to 9.6 cents.

With Playtech now some way into the third quarter of the year, the company said average daily revenue in its gaming division for the first 55 days of the period is up 15% on last year, and only slightly down on the second quarter of this year.

Reflecting on the results, Jackson said the progress made during the first half sets Playtech up for further growth during the remainder of 2015 and beyond.

“We have made significant progress against all aspects of our strategy during the first half of the year,” Jackson said.

“We have completed a series of strategic acquisitions to create and enhance our new ‘Financials’ division, a high-growth and regulated industry, and our continued operational delivery across all business segments has translated into a strong financial performance across all key metrics, with revenues up by a third in the half year.

“Our Gaming business continues to go from strength to strength with our strategy of focussing on regulated markets driving growth.

“Our pipeline remains strong, with significant opportunities across all geographies, as customers seek to benefit from our market-leading omni-channel offering and our best-of-breed products in each and every product category.

“Taken together, the progress we have made gives me great confidence that the sustained momentum in our business will result in further growth in 2015 and beyond.”

Meanwhile, Playtech has also confirmed the appointment of Paul Hewitt as a non-executive director.

Hewitt will chair the firm’s risk and compliance committee and remuneration committee and sit on the audit committee and nominations committee.

Prior to joining Playtech, Hewitt’s recent roles included a spell as a non-executive director and chairman of the audit committee at Tesco Bank, as well as deputy group chief executive and chief financial officer of the Co-operative Group.

“Paul brings a wealth of experience across a variety of sectors, including in the financial services industry, and his experience will prove invaluable to Playtech’s continued growth,” Jackson said.

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