Playtech reveals its Q1 EBITDA was €117m.
Gambling tech giant Playtech has reported it was able to perform as expected in the first quarter.
The company is experiencing a strong trading period despite its business being affected by the novel coronavirus (Covid-19) pandemic.
An Extremely Strong Quarter
The supplier did not publish full financial results for the three months to March 31st. However, it did say it had an “extremely strong” quarter. The adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) totaled €117.0m (£104.7m/$128.0m).
According to Playtech, this was driven by the performance of its TradeTech financial arm. TradeTech’s adjusted EBITDA for the period from 1 January to 30 April was over €45m. They have attributed the positive performance to “the recent increase in market volatility.”
The outbreak of coronavirus caused almost all sporting events to be canceled and retail betting shops to close in Italy. Despite that, Snaitech performed better than was anticipated, only slightly loss making on an adjusted EBITDA basis in April.
All Going Smoothly
Playtech has said it continued to deliver on its operational objectives for 2020. The company has adding new tier one licensees such as Betsson, Kindred and Svenska Spel to its client roster.
It has added more than 20 new brands so far in 2020. Furthermore, its on track to surpass its target of 50 for the year.
“So far this year, alongside actions taken to protect our people and our business, Playtech demonstrated remarkable operational resilience – demonstrating the strength and flexibility of our technology and our position in the industry,”
“We have added new tier one licensees,” said Playtech chief executive Mor Weizer.
In addition to adding 20 new brands, they have expanded agreements with some of their largest existing customers.
Given this strategic progress and the actions they have taken, Weizer concluded the following.
“I am confident we will emerge stronger as the current restrictions related to Covid-19 ease.”