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 .
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 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 .
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 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.
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- Source: https://www.financemagnates.com//forex/playtech-boosts-revenue-to-17b-thanks-to-key-milestone-in-b2c/
