Playtech confident of 2019 prospects as governance seeks new Chairman

FTSE250 gambling technology group Playtech Plc has reaffirmed its 2019 corporate earnings guidance ahead of its annual-general-meeting (AGM).

Updating investors, Playtech governance maintains its position that ‘adjusted EBITDA’ for 2019 is expected to be in the €390- €415 million range.

In its update, Playtech details that it has made significant progress on its growth strategy and strengthening its corporate governance – both key directives following 2018 adjustments.

“To meet the changing demands of our dynamic industry, the Board has evolved significantly over the course of the last year with Susan Ball, John Krumins, Anna Massion and Ian Penrose joining Playtech as Non-Executive Directors,” the AGM statement read.

Meanwhile, the group also confirmed that it has begun the process of ‘identifying a new chairman’ to replace current incumbent Alan Jackson.

“With these appointments now in place, the board, led by Alan Jackson, will now turn its attention to overseeing a full, thorough succession planning process to identify a new chairman, allowing for a period of stability and integration.”

Alan Jackson has served as Playtech Chairman since 2013, guiding the company through its London main market listings and significant M&A activity, diversifying Playtech group products and services.

Detailing strong 2019 prospects, Playtech highlights renewing its long-term services and products agreement with GVC Holdings. Furthermore, the technology group renews its Sun Bingo contract which has been extended for a further 15 years, with the contract “expected to be profitable in 2019”.

“Management is confident that actions taken in 2018 and in 2019 to date have delivered a strong platform for further strategic and operational progress in 2019 and beyond,” Playtech added.

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