Playtech, a leading gambling software provider, announced a significant increase in revenue and profits for the first half of 2024. The company revealed its pretax profit surged to €93.5 million ($104.4 million) for the six months ending June 30, up from €79.6 million in the previous year. This growth comes as Playtech confirms it is on track to deliver adjusted earnings slightly above expectations for the year.
Revenue Growth Highlights
In its latest report, Playtech indicated that revenue climbed to €906.8 million, marking an increase from €859.6 million a year earlier. This boost can largely be attributed to a vital performance in its business-to-business (B2B) division. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 11% to €243.0 million, reflecting the company’s successful strategies in the B2B sector.
Looking ahead, Playtech expects its adjusted EBITDA to surpass market expectations for 2024. The company is also in the process of selling its Italian gambling operations, Snaitech, to Flutter Entertainment in a cash deal valued at €2.3 billion. While specific forecasts for the upcoming year were not disclosed, Playtech indicated that its B2B segment is on track to meet its medium-term target of €200 million to €250 million in adjusted EBITDA.
The London-listed company reported a positive outlook for the second half of 2024, emphasizing seasonal patterns. Playtech remains optimistic about its continued growth revolution in the competitive online gambling market.
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