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Playtech issues "little" profit warning

The white label gaming technology group said its TradeTech financial trading arm was likely to be “well below” expectations

Playtech PLC -

Playtech PLC (LON:PTEC) has warned that full-year group profit will be below market expectations after conditions for its financial trading arm proved tricky in September and October.

The FTSE 250 group said underlying profits (EBITDA) would be just “a little” shy of the consensus forecast as TradeTech was likely to be “well below” expectations, though other parts of the group had remained strong.

READ: Playtech halves interim dividend but pledges buyback as profits shrink

Snaitech, the Italian consumer-facing sports betting acquisition from June last year, performed better than expected, driven by good online revenues.

The core B2B gambling unit was said to also have exceeded internal expectations, up 12% year on year in the four months to end-October and the company announced a new agreement on Friday to provide its services to Colombian sports betting brand Wplay.

Trading in Asia has remained stable in the second half so far, contributing around €115mln in revenue for 2019 at current run rate.

Since the interim results Playtech said it has extended its revolving credit facility and increased the total amount available to €317mln.

Quick facts: Playtech PLC

Price: 386.5 GBX

AIM:PTEC
Market: AIM
Market Cap: £1.17 billion
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