Business
Trading Statement
Trading Statement.
About this update from Playtech Plc
[{"type":"text","content":"\n\nPlaytech plc \n('Playtech' or the 'Company')\nTrading update\nContinued momentum across B2B and B2C; well-placed for rest of 2023 \nPlaytech plc (LSE: PTEC) is pleased to report on trading for the period from 1 January 2023 to 30 April 2023.\nOverview\nPlaytech has continued to make good progress against its strategic objectives in 2023 across both the B2B and B2C divisions, supported, in particular, by continued strong growth from Snaitech and Caliente. Although current growth rates are expected to moderate somewhat later in the year as a result of certain tailwinds in Q1, the Board now expects 2023 Adjusted EBITDA to be slightly ahead of current consensus expectations.\nDivisional review\nB2B Gambling\nPlaytech's B2B division performed very well throughout the first four months of 2023, driven by regulated markets.\nThe Company extended its market-leading presence in Latin America, with Caliente continuing to demonstrate strong growth, building on its leadership position in Mexico.\nStrategic progress continues to be made in the US. In early 2023, we signed a landmark agreement with Hard Rock Digital, accelerating our US strategy. As part of the agreement, Playtech has also invested $85 million (c.€80 million) in exchange for a low single-digit % minority equity ownership stake.\nThe strategically important Live Casino business continues to capitalise on the market's rapid expansion, delivering good growth in the period. Momentum also continued within the higher margin SaaS business with very strong revenue growth, further launches and new customer signings.\nB2C Gambling\nThe B2C division continues to perform very well, driven by Snaitech. The resumption of football after the World Cup combined with pent-up demand provided a tailwind at the start of the year, with the retail segment in particular seeing very strong growth. The online business also continued to see good growth. \nThe strategic and operational measures put in place within the HAPPYBET business are beginning to take effect with the EBITDA loss reducing slightly in the trading period versus the prior year. \nBoard changes\nAs previously announced, Ruby Yam will join the Board as an Independent Non-executive Director on 1 June 2023, while John Krumins has advised the Board that he will be stepping down after the publication of the Gr...