Playtech Swings To Profit In H1 On Strong Demand

Playtech Plc (PTEC), a gambling software development company, on Thursday, reversed its last year’s loss and posted a profit for the first half of the current fiscal 2021, amidst a strong B2B online revenue and increased sales in the U.S. and Latin America.

The Douglas-headquartered firm posted a pre-tax profit of 278.1 million euros for the six-month period ended in June, compared to a loss of 19.2 million euros, reported for the same period, last year.

The online gambling solutions provider recorded an adjusted pre-tax profit of 27.0 million euros, against 7.8 million euros, reported for the first half of 2020.

Earnings per share for the 26-week period were 1.28 euros, versus a loss of 7.4 euro cents during the corresponding period last fiscal.

Adjusted earnings per share were 17.4 euro cents, higher than 1.1 euro cents, reported for the 160-day period last year.

The company’s EBITDA for the period moved up to 109.8 million euros, from 91.8 million euros of the last fiscal.

Playtech generated a revenue of 457.4 million euros for the first six-month period, less than 476.7 million euros a year ago.

Amidst a rise in demand for online products and services during the Covid-19 lockdown, Playtech reported a B2B revenue growth of 16 percent to 267.2 million euros for the first half of 2021, compared to 229.7 million euros last year.

Owing to a continued expansion in the U.S. and Latin America, the company’s revenue from the Americas increased by 106 percent to 46.4 million euros.

The company expects its B2B and B2C online businesses to continue to deliver strong performance in the second half of the current fiscal.

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