Playtech, a leading gambling software firm, has raised its earnings guidance following significant growth in its business-to-business (B2B) segment. The company also confirmed it will return €1.7 billion to shareholders through the sale of its Italian unit, Snaitech, to Flutter Entertainment.
11% EBITDA Growth Drives Confidence
For the six months ending June 30, Playtech’s adjusted EBITDA rose by 11% to €243 million, compared to €202 million during the same period last year. The growth is fueled by a strong performance across its B2B division, which has seen expansion in key markets like the US and Canada.
Company revenue also saw a modest rise of 5%, increasing from €859.6 million to €906.8 million. Post-tax profit surged by 23%, reaching €105.4 million, further showcasing the company’s solid financial footing.
CEO Mor Weizer stated, “This set of results is further proof of the excellent progress we’ve made this year. We’re executing our strategy to grow and improve the B2B business while maintaining tight cost control.”
Snaitech Sale to Flutter Unlocks €1.7bn for Shareholders
Playtech’s sale of Snaitech to Flutter for €2.3 billion is expected to close by mid-2025. The deal will return €1.7 billion to shareholders and resolve €350 million in outstanding debt. While Snaitech’s revenue dropped slightly by 1%, the unit remains a contributor to Playtech’s overall growth.
Weizer remains optimistic about Playtech’s future, noting the significant opportunities ahead for the company’s core businesses.
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