Business
AGM Trading Statement
AGM Trading Statement.
About this update from Playtech Plc
[{"type":"text","content":"\n \nRNS Number : 0339Z Playtech PLC 15 May 2019 \n\nPlaytech plc\n('Playtech' or 'the Company')\n \nAGM Trading Statement\nFull-year guidance reaffirmed\nPlaytech (LSE: PTEC) is today hosting its Annual General Meeting at which the Company will make the following statement: \n\"Playtech has made significant progress on executing its strategy and strengthening its corporate governance since the last AGM. \n\"To meet the changing demands of our dynamic industry, the Board has evolved significantly over the course of the last year with Susan Ball, John Krumins, Anna Massion and Ian Penrose joining Playtech as Non-Executive Directors. \n\"With these appointments now in place, the Board, led by Alan Jackson, will now turn its attention to overseeing a full, thorough succession planning process to identify a new Chairman, allowing for a period of stability and integration. \n\"From an operational perspective, revenues from Regulated B2B Gaming have continued to show similar trends reported at the time of the full-year results in February. We are pleased to have signed a new long-term agreement with GVC to provide Playtech's leading services and products to all GVC brands in existing and new markets, which was announced shortly after full-year results. \n\"In line with previous announcements, revenues from Non-regulated B2B Gaming are materially lower than in the same period last year due to our continuing shift to regulated markets as well as the drop in revenues in Asia. The backdrop in Asia remains highly competitive. \n\"In Playtech's B2C Gaming division, whilst the Italian legislative changes have, as expected, impacted Snaitech, the underlying operational performance of the business has been very strong. As announced in February, the Sun Bingo contract has been extended for up to 15 years with no further minimum guarantees from mid-2021. We continue to expect the contract to be profitable in 2019.\n\"TradeTech's underlying KPIs have been encouraging during the start of 2019. However, trading revenue has been impacted by most major instruments trading within extremely tight ranges and market volatility being well below historical averages.\n\"Playtech continues to make significant balance sheet progress, successfully raising a €350m 7-year bond at 4.25% in March 2019, the proceeds of which will be used to repay t...