Playtech PLC (LSE:PTEC) shares buzzed 10% higher after the gaming software group said it was on track to beat full-year earnings expectations.
Revenue fell 10% to €387.0 million in the six months to 30 June 2025 and adjusted EBITDA declined 16% to €91.6 million, in line with upgraded guidance given in August.
CEO Mor Weizer said the results were part of the FTSE 250 group "making in its transition back to its roots as a predominantly pure-play B2B business", with earnings ahead of expectations from earlier in the year, "reflecting the strong performance across our key markets".
The group completed the sale of Italian gaming arm Snaitech to Flutter Entertainment during the period, returning about €1.8 billion to shareholders through a special dividend. Net cash position was €77.1 million at the end of June, compared with net debt of €225.5 million a year earlier.
The company highlighted solid growth in its B2B business and strong strategic progress in key markets including the Americas.
Weizer said the second half of the year has "started well, and we are on track to be ahead of expectations for the year" and well placed towards medium-term targets for adjusted EBITDA of €250-300 million and free cash flow of €70-100 million.
"The strength of our balance sheet will allow us to increase investment in the US and Brazil in H2 to drive continued growth."