Playtech noted an excellent start to the year with unaudited Adjusted EBITDA greater than €100m in the first quarter of 2022 said the company in an announcement on Thursday, which led shares to rise 5.2% to 541p.
Playtech’s excellent start to the current financial year has continued since the FY 2021 results were disclosed on March 24, 2022, with unaudited Adjusted EBITDA of more than €100m for the first quarter.
The group’s encouraging first-quarter trend has continued into April. Both the B2B and B2C industries have contributed to the outstanding growth.
The same patterns have continued for Snaitech since H2 2021, with a strong start to the year fueled by its internet business, retail rebound, and favourable sports outcomes said Playtech.
B2B performance has been fueled by strong momentum from the Americas, particularly Caliplay in Mexico, as well as solid performance across the board, including Live Casino with several more licenses and games being added.
Following the opening of the Ontario market, Playtech has secured numerous new customers in the US and announced new partnerships in Canada.
Outlook
The Board of Directors is optimistic about the prospects for FY 2022, based on the strong start to the year.
Given that we are still early in the year and that the macro background is unpredictable due to the pandemic and the crisis in Ukraine, the Board is remaining careful and vigilant.
The Board is also aware that the current level of business strength cannot be guaranteed to continue for the balance of the year.
However, the company’s recent performance and present business trends have placed Playtech in a strong position, and the Board hopes to be able to provide additional market updates as the year progresses.
Future Opportunities
The TTB investment group has made some headway in discussions about its potential bid for Playtech. However, it is impossible to predict whether or not an offer for the company will be made, or the terms on which such an offer will be made.
Despite the current difficult capital market conditions, Caliplay and Playtech are still exploring the possibility of a transaction that would allow Caliplay to access the US market more quickly.
Finalto’s sale is still on schedule to be completed in Q2 2022, with two of the four essential regulatory clearances now in hand.
