Playtech’s H1 Results to Remain ‘In Line with Its Expectations’

Playtech plc (LON: PTEC), which provides technology for online gaming and sports betting, provided a brief update on its performance in the first half of 2021 that remained ‘in line with its expectations’.

Though Tuesday’s trading update did not announce any numbers, it certainly created a stage for the upcoming detailed financials. The company will release its interim results on September 23.

The update came at a time when a tug of war is going on between two parties, one is a Barinboim Group-led consortium while the other is Gopher Investment, to acquire its trading technology division Finalto (previously TradeTech).

The London-listed company even adjourned its general meeting that would conduct shareholders’ voting to decide after on the sale until further notice.

Business Is Going Good

Meanwhile, the latest trading update also informed on the ongoing performances of its core B2B and B2C business.

“Overall H1 results were in line with its expectations at the start of the year albeit with a different mix of contributions than originally anticipated,” Playtech stated. “The very strong performance from B2B online, particularly Caliente, and Snaitech’s online business offset the impact of the longer than expected retail closures in Italy.”

The company also highlighted that its business in Asia remained stable throughout H1 2021, and the performance remained in line with the levels achieved in the second half of last year. Notably, its Asian business suffered the most due to harsh local restrictions.

“Playtech has continued to make significant progress against its strategic and operational objectives, including in its key target growth markets of the US, Latin America, and Europe. In the US, the Company signed a strategic, multi-state, multi-product deal with the Greenwood companies, which operate the Parx Casino, and subsequently launched in Michigan with further launches planned later in 2021 and 2022,” the company added.

Additionally, Playtech inked a long-term partnership deal with Holland Casino, becoming its strategic technology supplier.