Playtech’s half-year EBITDA jumps 77% on Americas growth

Playtech ($PTEC) reported first-half revenue from continuing operations of €425.1 million, up 10%, while adjusted EBITDA increased 77% to €162.5 million. Business-to-business revenue grew 14% to €394.8 million, helped by rapid expansion in the Americas. Revenue in the US and Canada rose 161%, making those markets a major contributor to the earnings improvement.

The group reaffirmed its full-year adjusted EBITDA outlook of more than €270 million rather than increasing it after the strong first half. Management expects second-half earnings to be lower than first-half earnings as US performance normalizes and higher UK gaming taxes take effect. Free cash flow reached €101 million. The results therefore combine substantial progress with an explicit warning not to extrapolate the first-half growth rate across the entire year.

Sources:

• Playtech — half-year results, RNS