Friday, December 9, 2022

Playtech trading update Progress on TTB offer but no certainty yet

Playtech has published a trading update that suggests a positive start to 2022, with an adjusted EBITDA for the first three months of more than €100m ($105.9m).

This run has continued from Q1 into and throughout April. These results are reflected across both B2B and B2C businesses, with Snaitech seeing a positive drive through online business, retail recovery and favourable sports results.

B2B results have been encouraged through strong momentum from the Americas, especially with Caliplay in Mexico, as well as through wider B2B operations such as live casino.  

The live casino business has also signed several new licensees and launched a range of new games. 

In North America, Playtech has obtained new customers in the US and agreed terms on several new partnerships in Canada following the opening of the Ontario market. 

Despite positivities, the effects of the pandemic as well as the war in Ukraine also add to potential uncertainties. 

In terms of corporate activity, there has been positive progress made with the TTB investor group with regard to a possible offer for the company. Neither terms of the agreement nor a certainty of the deal completing can yet be assured.

And despite the current market conditions, Caliplay and Playtech are continuing to explore possible opportunities that would allow Caliplay to enter the US market on an accelerated basis.

In addition, the disposal of Finalto is still on track to complete in Q2 2022 with two of the four regulatory clearances having now been received. 

An Annual General Meeting is set to be held on Thursday 30 June 2022. 

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