A trading update was released by Playtech Plc advising investors that its corporate output for the full year 2020 is projected to be ‘ahead of market consensus’.
The FTSE250 technology group expects to record a ‘solid financial performance for 2020’ by delivering ‘at least EUR 300 million’ of adjusted EBITDA.
Critical strategic progress in core areas
In evaluating its 2020 activities, Playtech stressed that, against the backdrop of the COVID-19 global pandemic, the organization had made critical strategic progress in core areas.
After signing new technology agreements with bet365 and Entain in New Jersey, commercial highlights saw the company enter the US wagering business.
In addition, through the strong growth of its alliance with Mexican market leader Grupo Caliente and new launches in Colombia with Wplay, Playtech has continued to broaden its LatAm market presence.
Strength of core B2B unit
Operationally, the strength of its core B2B unit, which registered substantial growth across casino, live gaming, poker and bingo, was underlined by Playtech.
The group’s success was sustained by solid B2B gaming growth as its sports B2B units were disrupted during the year by store closures and sports interruptions.
Playtech announced that its Italian B2C asset Snaitech had mounted an H2 comeback closing 2020 trading despite facing major obstacles.
As the company refocused its business on real money gambling, resulting in the $10 million sale of its former YoYo Games social gaming subsidiary, Playtech also proceeded to streamline its technology assets in 2020.
Playtech Governance announced at the end of its trading statement that the FTSE business continues to negotiate the potential sale of its Finalto Financials division.
A statement read: “Whilst the COVID-19 pandemic continues to pose challenges and the macroeconomic outlook remains highly uncertain, Playtech remains well placed to make further strategic and operational progress in 2021.”