Playtech full-year results to beat expectations

FTSE 250 gambling software company Playtech said on Tuesday that its FY 2020 performance was set to be ahead of consensus expectations, with its financials division, Finalto - formerly TradeTech - the standout performer.

The company said adjusted earnings before interest, tax, depreciation and amortisation are expected to be at least €300m, with Core B2B and Snaitech also driving growth in the second half.

Playtech said it made "significant" strategic and operational progress in 2020 despite the impact of the Covid-19 pandemic. The company entered the US market, receiving a license and launching with bet365 and Entain in New Jersey, and, in December 2020, receiving regulatory approval to launch in Michigan.

The group also expanded its presence in Latin America with strong growth at Caliente in Mexico, going live with Wplay in Colombia and signing new structured agreements in Guatemala, Costa Rica and Panama.

In Italy, meanwhile, Snaitech continued to strengthen its market leading position with "very strong" online growth and gains in market share.

"Whilst the Covid-19 pandemic continues to pose challenges and the macroeconomic outlook remains highly uncertain, Playtech remains well placed to make further strategic and operational progress in 2021," it said.