stonian-based gambling technology company Playtech shared its half-year report on Thursday, posting strong results. The figures for the six months ended June 30 show strong online performance and significant progress on strategic priorities, the company said.
Revenue for H1 2021 totaled €457.4 million, 4% down from €476.7 in 2020. Adjusted EBITDA posted for the first half of the year amounted €124.1 million, a 13% increase versus €109.5 million in the same period last year.
“I am delighted by our strong strategic and operational progress to date in 2021, despite the ongoing challenges posed by the pandemic,” said Mor Weizer, CEO. “These results demonstrate the quality of our technology and products, the significant progress made against our strategic priorities, and wider momentum across Playtech’s operations.”
H1 results are in line with expectations at the start of the year, said Playtech, with online strength offsetting the impact of the “longer than expected” retail closures in Italy. Moreover, the company has seen a “very strong performance” from B2B online, particularly Caliente, as well as Snaitech’s online business. The strong online performance drove B2B revenue growth of 16% to €267.2 million versus H1 2020, at €229.7 million.
Americas is now the group’s biggest growth driver market, with revenue growth of 106% at constant currency versus half-year 2020. Valuation of the group’s options embedded in Latin America agreements (including Caliente, Wplay and others) have resulted in a significant unrealized gain of €299.9 million. The company remarks Mexico and Colombia as two markets that saw strong growth; while Panama and Costa Rica are two in which the business has now launched operations.
It is also worth noting the continued progress on the company’s US strategy, having launched with Parx in Michigan, the first step in a long-term multi-state partnership; as well as signed partnerships with Scientific Games and Novomatic. “Additional license applications are underway,” said the company.
In Europe, Playtech signed a major new software and services agreement with Holland Casino and “saw continued growth” across a number of existing licensees.
The company also saw a number of changes within its organizational structure throughout the period, with Brian Mattingley joining as Chairman on June; Linda Marston-Weston appointed Non-Executive Director with effect from 1 October 2021; and Ian Penrose to be Senior Independent Director.
“The pandemic has structurally grown the higher margin online business and we expect this growth to continue,” added the company’s CEO. “Looking forward, given the strong H1 performance, the momentum in the business and the easing of lockdown restrictions, we are confident of Playtech’s prospects for the remainder of 2021 and beyond.”