TIDMPTEC
RNS Number : 0339Z
Playtech PLC
15 May 2019
Playtech plc
('Playtech' or 'the Company')
AGM Trading Statement
Full-year guidance reaffirmed
Playtech (LSE: PTEC) is today hosting its Annual General Meeting
at which the Company will make the following statement:
"Playtech has made significant progress on executing its
strategy and strengthening its corporate governance since the last
AGM.
"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.
"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.
"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.
"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.
"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.
"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.
"Playtech continues to make significant balance sheet progress,
successfully raising a EUR350m 7-year bond at 4.25% in March 2019,
the proceeds of which will be used to repay the convertible bond
which is due to mature in November 2019 as well as for general
corporate purposes.
"The EUR40m share buyback programme, launched in February, has
been successfully completed. This, combined with our rebased
dividend, has resulted in a more balanced approach to shareholder
distributions.
"Finally, management is confident that actions taken in 2018 and
in 2019 to date have delivered a strong platform for further
strategic and operational progress in 2019 and beyond. Management
reiterates its previous guidance for 2019 Adjusted EBITDA in the
range of EUR390 million to EUR415 million."
- Ends -
For further information please contact:
Playtech plc
Chris McGinnis, Director of Investor Relations
and Strategic Analysis
+44 (0) 16 2464
James Newman, Director of Corporate Affairs 5954
Headland (PR adviser to Playtech)
+44 (0) 20 3805
Stephen Malthouse, Chloe Francklin 4822
About Playtech
Founded in 1999 and premium listed on the Main Market of the
London Stock Exchange, Playtech is a market leader in the gambling
and financial trading industries.
Playtech is the gambling industry's leading technology company
delivering business intelligence driven gambling software,
services, content and platform technology across the industry's
most popular product verticals, including, casino, live casino,
sports betting, virtual sports, bingo and poker. It is the pioneer
of omni-channel gambling technology through its integrated platform
technology, Playtech ONE. Playtech ONE delivers data driven
marketing expertise, single wallet functionality, CRM and
responsible gambling solutions across one single platform across
product verticals and across retail and online.
Playtech partners with and invests in the leading brands in
regulated and newly regulated markets to deliver its data driven
gambling technology across the retail and online value chain.
Playtech provides its technology on a B2B basis to the industry's
leading retail and online operators, land-based casino groups and
government sponsored entities such as lotteries. As of June 2018,
through the acquisition of Snaitech, Playtech directly owns and
operates the leading sports betting and gaming brand in online and
retail in Italy, Snai. Snaitech operates a B2B2C model as a service
provider to franchisees in the retail market while operating the
leading brand, Snai directly online as a B2C business.
Playtech's Financials Division, named TradeTech Group, is a
technology leader in the CFD and financial trading industry and
operates both on a B2B and B2C basis.
Playtech has in total c.5,800 employees across 17 countries and
is headquartered in the Isle of Man.
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END
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