Playtech plc (PTEC) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

So, good morning, everyone. Firstly, I want to thank you all for attending today. It's been an eventful and exciting couple of weeks for Playtech. On to slide two. I'll begin with the highlights before handing over to Chris McGuinness, our CFO, who will take you through the financials and the outlook. I'll then update you on our progress against our strategic priorities. Turning now to slide three. I'm pleased to report an excellent financial performance in H1 2024, delivering adjusted EBITDA of 243 million euros, up 11% and ahead of expectations as we flagged in our trading statement issued a couple of weeks ago. This strong performance was driven by the B2B division, which saw adjusted EBITDA growth of 38% with the Americas, the standout region. Given the performance in the first six months of 2024, the B2B segment is ahead of schedule to be within the medium-term adjusted EBITDA target range of 200 to 250 million euros in 2024, set just 18 months ago. A couple of weeks ago, we made two announcements that will fundamentally transform the future of the Group. Starting with CaliPlay, we were delighted to finalize the terms of our revised strategic agreement that marks the beginning of an exciting new chapter for both parties and sets the foundation for growth in both domestic and international markets. Turning to Snytech, we reached a definitive agreement for the sale of this business to Flutter for a total enterprise value of 2.3 billion euros, realizing significant shareholder return with 1.27 to 1.8 billion euros expected to be returned. DeSale leaves Playtech returning to its roots as a highly focused B2B business where we have positioned ourselves for significant growth in highly attractive markets such as the US and Brazil and casino and live casino from a prod...