Playtech shares tick up as it expects FY22 EBITDA to hit €400m
FTSE 250 firm reports strong growth in B2B and Snaitech divisions in preliminary market update
Playtech is expecting to record at least €400m (£352.1m) in adjusted EBITDA for full-year 2022 thanks to strong growth in its B2B and Snaitech arms.
In delivering a brief trading update today, the London-listed firm noted its H2 operations had performed “strongly” since the group’s H1 results were announced in September.
In H1, Playtech’s EBITDA leapt 64% to €203.8m while revenue amounted to €792.3m.
In recording at least €400m in adjusted EBITDA for full-year 2022, this would represent a 26% year-on-year (YoY) leap for the firm.
Following the announcement, Playtech’s shares jumped by 3% to 574p, at the time of writing.
This puts the firm’s stock at its highest value since April 2022.
It has been a tumultuous 12 months for Playtech, after a potential acquisition of the firm by TTB Partners was abandoned after months of intrigue.
Playtech itself ditched its plans to spin off its Caliplay JV in a SPAC merger due to the darkening macroeconomic environment.
However, the group’s B2B division and Snaitech arm continue to perform well.
In H1, B2B revenue jumped 17% to reach €312m while Snaitech recorded a 143% leap in adjusted EBITDA.
Playtech will release its full-year 2022 results on 23 March.