Today Playtech announced its results for the first half of its current fiscal year ended on June 30th, 2016 along with a trading update for the period until August 24th, 2016.
Commenting on Playtech’s performance over the first six months of the year, its Chairman Alan Jackson shared that the company had managed to made great progress in 2016. He also explained that the developer had delivered the objectives initially set.
According to Mr. Jackson, the company’s gaming division generated stable growth thanks to the casino offering. The Chairman also emphasised on the fact that the gaming software provider’s pipeline of new licenses and agreements remain strong. In addition, he revealed that the company’s Financial division’s results came as a reflection to the impact some improvements and transitions had on the business after the regulatory changes.
Playtech’s Chairman shared that the company stayed focused on its mergers and acquisitions strategy over the above-mentioned period, especially considering the takeovers of BGT and Quickspin. He said he was glad to reveal that the company had adopted a progressive dividend policy and announced that a special dividend amounting to €150 million would be returned to the developer’s investors.
The Isle of Man-based gambling software developer revealed an 18% increase in its revenues to €337.7 million. In comparison, the revenues generated over the same period a year ago amounted to €286 million. The adjusted earnings before interested, taxes, depreciation and amortisation (EBITDA) reached €143.8 million after increasing by 27% from the €112.9 million reported over the first six months of the previous fiscal year.
Playtech also reported an adjusted net profit decline of 31% to €79.5 million in spite of the strong revenue and earnings momentum so far. The drop was a serious one, considering the last year’s result of €115 million, and the company explained that the significant currency transaction impact “on sterling cash balances” was to be blamed for it.
The announced €150-million dividend payout to the company’s shareholders represented a price of 46 cents per share.
Recently, the gambling software provider has been focused on its mergers and acquisitions strategy as a number of other companies in the sector. The developer has been aimed at consolidating its presence on the market, especially considering the strong competition in the business and the tougher regulatory requirements.
- Author
Olivia Cole
