Playtech says it is on track to achieve its adjusted guidance of between €320m and €360m in underlying earnings for the year, having completed its €530m bond offering.
A trading update issued this morning showed that there remains good revenue growth in Playtech’s B2B division outside of Asia. Within Asia, revenue has stabilised at an annualised revenue run-rate of around €150m.
In terms of its B2C division, momentum reported in H1 2018 by Snaitech has continued into the second half of the year, in line the group expectations. The remainder of the B2C division has also traded in line with expectations.
TradeTech’s underlying KPIs have also displayed positive momentum during H2 2018, though with market movements favouring customers during September and October.
Playtech described it financial position as remaining “strong”. During the period, the company sold its stake in Plus500 and completed the €530m bond offering.
“The net proceeds of the offering, together with Playtech's existing cash resources, have been used to repay all amounts outstanding under the bridge facility utilised for the purposes of the acquisition of Snaitech, to fund the redemption of the outstanding high-yield bonds issued by Snaitech and to pay for other transaction-related costs and expenses,” the company stated.
Playtech is to host an event for investors on November 14 in Milan, Italy, with a focus on Snaitech, the leading Italian gaming and betting firm that was acquired earlier this year.
