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Prices & Quotes - UK Markets - Playtech (PTEC)

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Share Price:
Up 363.20p
Change Today:
2.20p
Market Cap:
1,087.16m
Sector:
Travel & Leisure

Playtech reports strong trading after profit drops

By Sean Farrell

Date: Thursday 17 Sep 2020

LONDON (ShareCast) - (Sharecast News) - Playtech reported strong but weakening summer trading as the gambling software company posted a sharp fall in first-half profit caused by the Covid-19 crisis.
Pretax profit from continuing operations for the six months to the end of June fell 71% to €10.5m (9.6m) as revenue dropped 23% to €564m. Adjusted earnings before interest, tax, depreciation and amortisation fell 16% to €162.3m.

The FTSE 250 company said it traded strongly in July and August though July was the best month of the two. Playtech shares fell 10% to 352p at 08:25 BST.

First-half performance was hit by the Covid-19 crisis but results were supported by the financial trading business of its TradeTech division. Increased market volatility more than doubled TradeTech's revenue to €87.3m and earnings rose to €52.8m from €8.2m.

Revenue at Snaitech, the business to consumer business, fell 46% to €215.5m as betting shops in Italy closed and sporting events were cancelled.

Playtech said it did not expect a repeat of TradeTech's performance in the second half because market volatility had eased. The company said it was cautious about the outlook, especially for consumer business.

Chief Financial Officer Andrew Smith said: "While the group saw an extremely strong start to the period in January and February driven by TradeTech, a strong performance from Snaitech and favourable sporting results, the adverse impacts of Covid-19 between mid-March and June led to the Group's total reported revenues decreasing."



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Playtech Market Data

Currency UK Pounds
Price 363.20p
Change Today 2.20p
52 Week High 410.60p
52 Week Low 140.30p
Volume 376,756
Shares Issued 299.33m
Market Cap 1,087.16m

Performance Indicators

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What The Brokers Say

Strong Buy 4
Buy 0
Neutral 2
Sell 0
Strong Sell 1
Total 7
buy
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Playtech Dividends

  Latest Previous
  Final Interim
Ex-Div n/a 19-Sep-19
Paid n/a 22-Oct-19
Amount 0.000¢ 6.10¢

Trades for 20-Oct-2020

Time Volume / Share Price
16:35 126,558 @ 363.20p
16:29 1 @ 364.50p
16:29 442 @ 364.30p
16:29 400 @ 364.30p
16:29 7 @ 364.40p

Playtech Key Personnel

CEO Mor Weizer