Playtech, the London-listed gaming tech wizard, just dropped the mic with a mind-blowing 8% surge in revenue, landing at a whopping €859.6 million for the first half of 2023! Talk about setting the stage on fire! 🔥💼
B2B Dominance: The B2B arena saw a stellar 7% rise compared to the previous year, clocking in at €334.5 million. Regulated B2B revenue turned on the jets, soaring 15% to reach a cool €262.5 million.
Americas Take the Crown: Hold onto your sombreros because the Americas stole the show! B2B revenue skyrocketed by a jaw-dropping 43% to €99.7 million. It’s all thanks to the epic growth in Caliente in Mexico and a dazzling performance from Galera.bet in Brazil. 🌎🌟
European Magic: Europe (excluding the UK) made its move with a solid 5% YoY climb to €96.9 million. Playtech’s partnership with the Polish state operator Totalizator and several sizzling launches in Spain lit up the stage.
UK B2B Stumbles: The UK B2B revenue decided to do a little dance, dropping 2% to €62.9 million. Blame it on the uncertain regulatory vibes. But hey, it’s not all gloomy; the Rest of the World added some sparkle with a 14% rise to €3.3 million.
B2C Performance: Playtech’s B2C segment joined the party with a spectacular 9% rise in revenue, reaching a massive €532.1 million. Snaitech was the rockstar, belting out a 10% rise to €488.4 million. Happybet decided to take a chill pill, showing a 4% dip to €10.3 million due to some site rationalization in Germany.
Sun Bingo and other B2C champs rocked the stage with an 8% revenue rise to €34.1 million, all thanks to some epic marketing moves during the football World Cup season.
H1 2023 REVENUE COMPARISON (€):
Americas: €99.7M (H1 2023) vs. €69.8M (H1 2022)
Europe (excluding UK): €96.6M (H1 2023) vs. €92.2M (H1 2022)
UK: €62.9M (H1 2023) vs. €63.9M (H1 2022)
Rest of the World: €3.3M (H1 2023) vs. €2.9M (H1 2022)
Total Regulated B2B: €262.5M (H1 2023) vs. €228.8M (H1 2022)
Unregulated (excluding Asia): €42.6M (H1 2023) vs. €49.2M (H1 2022)
Asia: €29.4M (H1 2023) vs. €34.0M (H1 2022)
Total B2B: €334.5M (H1 2023) vs. €312.0M (H1 2022)
B2C: €532.1M (H1 2023) vs. €487.3M (H1 2022)
TOTAL: €859.6M (H1 2023) vs. €792.3M (H1 2022)
A Record-Breaking EBITDA: Not just revenue, adjusted EBITDA hit record highs, dancing up 10% to reach €219.9 million in H1 2023. B2B adjusted EBITDA went up by 5% to €81.3 million, and B2C adjusted EBITDA took a flying leap of 14%, landing at €138.6 million.
Playtech CEO Mor Weizer couldn’t be happier: “We delivered our highest ever adjusted EBITDA in the first half of 2023, demonstrating the benefits of the continued strategic and operational progress made in recent years.” 🎉👏
Expenses and the Bottom Line: But it wasn’t all smooth sailing. Distribution costs waved the high flag, rising 7.5% to €576.8 million in H1 2023. Administrative expenses followed suit, increasing by 10% to €72.3 million, and depreciation and amortization charges joined the party, showing an 11% climb to €89.7 million.
Finance costs took a chill pill at €20.2 million, but unrealized fair value changes of derivative financial assets shook things up with a €25.2 million twist. Income taxes also wanted in on the action, rising to €76.5 million.
Result? A profit for the period of €3.1 million, a dip from last year’s €110.3 million, which included discontinued profits of €38.9 million from the disposed Financial segment.
Future Outlook: Playtech is geared up for the future, holding licenses in the United States in Ohio, Maryland, and West Virginia. Their cash stash sits at €786.0 million as of June 30th, compared to €681.2 million last year, with group net debt at €248.2 million.
Shares in Playtech plc (LSE:PTEC) were trading 2.13% higher at 535.68 pence per share in London Thursday morning following the announcement.
📈💼 #PlaytechPower #GamingGains #RecordBreakingRevenue #BusinessBuzz
