Playtech on track for medium-term targets as FY beats expectations

Gambling software firm Playtech said on Wednesday that it was on track to meet its medium-targets after it performed ahead of expectations in FY2023.

In results for the year to the end of December 2023, the company said adjusted earnings before interest, tax, depreciation and amortisation jumped 9% to €432.3m - ahead of previously-raised expectations - on revenue of €1.7bn, up 7% on the previous year.

Playtech hailed "solid" performances across both the B2B and B2C segments.

Chief executive Mor Weizer said: "As well as delivering excellent financial results, the group made important strategic and operational progress, including our expansion across the US, opening a third Live Casino facility in Pennsylvania and taking the number of licenses granted to 11 with further applications pending.

"Our B2C division delivered revenues exceeding €1 billion for the first time, and Snaitech remains well positioned to benefit from the under-penetration of the online segment, given the strength of the brand, the continuous improvements to apps and technology, and a broadening of its content offering."

Weizer said the company was "well set" to achieve its medium-term targets for both B2B and B2C divisions, with "a high-quality" balance sheet giving it the flexibility to pursue both organic and inorganic growth opportunities.

"In summary, we remain very confident in our ability to execute our strategy and to continue delivering value for our shareholders," he said.