Business
Trading update and H1 2020 results date
Trading update and H1 2020 results date.
About this update from Playtech Plc
[{"type":"text","content":"\n \n \n RNS Number : 1372V\n Playtech PLC\n 05 August 2020\n \n \n \n \n \n \n \n Playtech plc\n \n \n ('Playtech' or the 'Company')\n \n \n Trading update and H1 2020 results date\n \n \n \n \n \n Playtech plc (\"Playtech\") today provides an update on its first-half performance and current trading. Playtech will announce its interim results on 17 September 2020. \n \n \n First-half performance & current trading \n \n \n Playtech took early and decisive action in response to COVID-19 to ensure the health and wellbeing of its employees and to preserve cash flow, while continuing to provide customers with Playtech's leading technology. Despite the pandemic severely impacting some of the Group's businesses, Playtech had a resilient H1 2020 with Adjusted EBITDA of more than €160 million. This result was driven by the Company's online businesses and the exceptional performance of TradeTech, which benefitted significantly from increased market volatility and trading volumes during much of H1. \n \n \n Playtech had a strong performance in July with continued strength in online and TradeTech, in addition to seeing the benefit of retail locations reopening and many sporting events resuming. Playtech's Adjusted EBITDA in July approached normalised levels.\n \n \n Divisional review \n \n \n Core B2B Gambling\n \n \n Playtech's online Casino (including Live), Bingo and Poker businesses performed very well in H1 2020. The significantly heightened levels of activity in these businesses have begun to normalise as government lockdown restrictions have been eased, however activity remains above pre-COVID-19 levels. \n \n \n Playtech's B2B Sports business is heavily weighted towards retail and as such was severely impacted by closures in its main markets, the UK and Greece, as well as due to the cancellation or postponement of major sporting events during the period. The vast majority of betting shops in the UK and Greece have now reopened and many sporting events have resumed, leading revenues in B2B Sports to recover albeit not to pre-COVID-19 levels. \n \n \n B2C Gambling \n \n \n Snaitech had a strong start to 2020 but lost significant revenue in H1 due to retail closures and the cancellation or postponement of sporting events. However, given the low fixed costs in this business and the revenues generated from online, ...