Playtech’s financial division TradeTech has benefited from the recent rise in market volatility and generated Adjusted EBITDA of over €45 million for Q1 2020, exceeding the company’s expectations for the business.
TradeTech has also taken action to implement a more efficient balance sheet, which has released €10 million of cash that was previously tied up.
Mor Weizer, CEO, said:
So far this year, alongside actions taken to protect our people and our business, Playtech demonstrated remarkable operational resilience – demonstrating the strength and flexibility of our technology and our position in the industry. We have added new Tier 1 licensees, added over 20 new brands and expanded agreements with some of our largest existing customers.
Playtech also launched its new sustainable business strategy, Sustainable Success. The strategy will consolidate Playtech’s position as a global leader in safer products, data analytics and player engagement solutions. Playtech has made safer gambling a core pillar of its strategy. At this time actions being taken by Playtech and the wider industry to advance safer gambling and raise standards are more important than ever.
Alan Jackson, outgoing Chairman, commented:
It is with great pride that I look back over my time as Chairman of Playtech. During my time with the Company the gambling industry has changed dramatically and Playtech has demonstrated the strategic vision to grow into a diversified and trusted technology leader in its industry. In these uncertain times the Board and I are confident Claire’s appointment as Interim Chairman will bring the required experience, industry knowledge and stability needed.
Playtech reported significant financial drops for 2019 in February, affected by the Covid-19 pandemic.
Playtech warned in November 2019 that its full-year earnings would not meet analysts’ expectations. The company said that the trading conditions in its TradeTech unit were challenging during September and October and the company expected the division’s results for 2019 to be well below management’s expectations.
