Playtech Reports Jump in HY Core Profit

By Scott Kanowsky -- Playtech Plc (LON:PTEC) posted a rise in adjusted core profit in the first half thanks in part to strength at the gambling technology firm's business-to-business operations and its Italian unit, but flagged possible economic headwinds.

Group-wide adjusted earnings before interest, tax, depreciation and amortization jumped by 64% to €203.8M during the period, beating the Isle of Man-based company's previous expectations. Revenue also grew by 73% to €792.3M.

“Our success in the period was powered by our B2B business in the Americas and Europe," said chief executive officer Mor Weizer in a statement.

Weizer added that Playtech's Snaitech division in Italy also drove overall growth in the six months to June 30, with core income surging by 154% to €131.7M due to the reopening of retail sites following the lifting of pandemic restrictions. However, this uptick was offset by a "modest" decline in sales at Snaitech's online business.

Meanwhile, Playtech - a provider of software to larger gambling companies - said it is "confident in its future prospects." But it warned that the macroeconomic outlook remains uncertain, citing potential disruptions caused by the war in Ukraine and pressure from soaring inflation.

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