TTB Partners ditches bid for Playtech

Software company Playtech remains "very confident" about its long-term prospects despite TTB Partners announcing that it would not make an offer for the company due to "challenging underlying market conditions".

However, despite there being no offer on the horizon, Playtech said on Thursday that TTB continued to be supportive of both its board and executive management team, their strategy for the group, and the prospects for the business.

Playtech also said it had delivered an "excellent" first half performance, with adjusted underlying earnings expected to be more than €200.0m, driven by an improved showing in both its B2B and B2C businesses.

The FTSE 250-listed group stated its B2B unit's performance was a result of "very strong momentum" from the Americas, in addition to "a strong performance" across its wider B2B operations.

Playtech highlighted that the "excellent first half results" and momentum in the business gave it "great confidence" in its prospects for 2022 and beyond.

Chief executive Mor Weizer said: "Playtech carries strong momentum going into H2 2022 and continues to perform very well across its core B2B and B2C businesses. This performance reflects the quality of our market-leading technology offering and the hard work and commitment of our talented team.

"We remain confident in our long-term growth prospects and, in particular, our ability to benefit from the structured agreements that are already allowing Playtech to access newly opened gambling markets."

Reporting by Iain Gilbert at Sharecast.com