Playtech plc (LON:PTEC) have seen their share price fall sharply after a profit warning due to intense competition and under-performance in Asian markets.
After rallies following the sale of their stakes in Ladbrokes and GVC, and their takeover of Snaitech, today Playtech shares slid to 540.8p, down 28.2 percent.
The company have had to adjust their projected 2018 Ebitda to £280-£320 million, saying that should the current trends continue, revenues from Asia will be £62 million lower than the original estimate by the end of the year.
“Clearly the recent trading performance in Asia is disappointing,” said chief executive Mor Weizer, “We have taken steps to further support our partners in the region and we will continue to work to preserve our position in the face of an increasingly competitive environment.”
While Shore Capital have reiterated their ‘buy’ stance on Playtech stock, analysts at Peel Hunt are taking a more bearish approach, with their ‘hold’ verdict currently under review.
