Playtech PLC (LSE:PTEC) has delivered half-year results ahead of previous expectations and said this strong performance has continued into the second half.
The UK gaming software company reported adjusted EBITDA of €203.8mln, up 64% against the first half of 2021 driven by excellent performances from its regulated business-to-business markets (B2B) and its Italian betting and gaming firm, Snaitech.
Regulated markets powered the B2B performance with Americas growing 50% and Europe ex-UK increasing 39% driving impressive overall B2B revenue growth of 17% to €312.0mln.
Snaitech's online business continued to deliver an excellent performance despite the reopening of retail sites, which together led to adjusted EBITDA growth of 143% and Playtech has set a new medium-term EBITDA target for the unit of €300-350mln.
This strong start to the year has continued into the second half although the company remains wary of the risks of disruption from the ongoing war in Ukraine.
In the results statement, Mor Weizer, Playtech chief executive officer said: "Our success in the period was powered by our B2B business in the Americas and Europe, alongside yet another excellent contribution from Snaitech.”
“We continue to make great strides in executing our US strategy, launching with Parx Casino in Pennsylvania, signing several exciting deals with leading global and US brands, and progressing additional licence applications.
"The macroeconomic outlook remains uncertain given geopolitical tensions and inflationary pressures, however we have seen our excellent performance in the first half continue into the second half and expect to see continued strong results from both our B2B and B2C businesses. As such, we are confident about Playtech's prospects for the remainder of 2022 and beyond," Weizer concluded.