Playtech Plc is reporting a 25 percent increase in group revenues for the first half of 2017 to €421.6 million.
Playtech saw strong metric growth performance for the first half of 12017 through June 30. The company reported a strong ‘cash generating’ performance recording growth throughout its core metrics combined with KPI gains across its product divisions, according to a press release.
The increase was driven by growth in its regulated markets activity, combined with the strong performance of its flagship casino division, which was up 28 percent, the release said.
The firm declared a period EBITDA of €171 million, up 19 percent on H1 2016 at €143 million.
The company said the performance gains were a testament to a “proven model” which had created an effective cash-generating business. Closing a busy H1 2017 period Playtech governance would declare ‘reported ’group profits of €90 million, up from €49 million in 2016, the release said.
The company holds a Gross Cash position of €536 million (December 2016: €545 million) and €376 million when adjusted (December 2016: €392 million).
The company pointed to its securing contract renewals with leading UK betting operators Paddy Power Betfair, Sky Bet and Betfred through its Playtech BGT sports division.
“The proven strength of the Playtech model was once again demonstrated with a strong H1 performance driven by both underlying growth and recent acquisitions,” said Alan Jackson, Chairman of Playtech. “As always, Playtech’s performance has been converted into strong cash generation enabling a 10 percent increase in the interim dividend, in line with the progressive dividend policy.
“Taken all together, this proven platform for growth across the business has again delivered a strong performance and management remain confident of further strategic progress in the second half of 2017,” he said.
