Ahead of its Q3 trading update (released on 14 November), FTSE-listed gambling technology firm Playtech Plc has issued a corporate update detailing that it has experienced a slowdown in Asia and problems with the delivery of its Sun Bingo supplier contract.
Updating investors, Playtech governance has detailed that the combined impacts will see the technology firm deliver annual profits 5% below its ‘end of market expectations’.
“Sun Bingo contract remains challenging due to lengthier seasonality and the re-launch of the new Sun Bingo site, and moreover there has been an impact from recent changing market conditions in certain parts of Asia” Playtech detailed in its update
“Playtech has seen a recent slowdown in certain parts of Asia due to recent changing market conditions. Whilst it had been expected that activity would return to normalised levels in a relatively short timeframe, we are now not expecting any significant improvement in 2017.”
“With the impact of certain Asian markets and Sun Bingo performance taken into account we now believe the Group’s performance for the full year will be around 5% below the bottom end of market expectations.”
Entering the final quarter of 2017, the FTSE firm outlines that its gaming division is continuing to record higher ‘daily average revenues’, with the firm driven by a strong commercial and product pipeline.
Commenting on outlook and strategy, Playtech governance details that it will continue to focus on regulated ‘organic’ market growth. Corporate governance continues to revise M&A targets which are consistent with its long-term growth corporate growth strategy.