Playtech Plc corporate performance remains in-line with expectations despite its business units trading in unprecedented circumstances.
Playtech explained that its performance is currently tracking better than the company had anticipated in publishing its mid-March COVID-19 update.
Publishing a snapshot of key metrics, Playtech detailed a ‘strong Q1 2020 period’, in which the FTSE technology group delivered an adjusted EBITDA of €117 million.
Playtech has chosen not to disclose its individual unit performance but revealed that its Q1 results were maintained by strong Snaitech Italia trading, combined with the sustained growth of its online casino assets.
Further insights saw Playtech report that its TradeTech financial services unit has benefited from market instabilities, in which the division has recorded an adjusted EBITDA of €23 million during the month of April.
Navigating COVID-19 headwinds, Playtech stated that its BTG B2B Sports unit has suffered the biggest setbacks in having to contend with the postponement of global sports and the closure of retail betting venues across Europe.
At present, Playtech’s B2B Sport unit is trading at a loss of €3 million adjusted EBITDA per month.
Despite facing multiple business interruptions, Playtech insisted that its commercial pipeline remains strong having added 20 new clients during Q1 trading, including tier-1 operators Betsson AB, Kindred and Svenska Spel.
Playtech Group CEO Mor Weizer commented: “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 1 licensees, added over 20 new brands and expanded agreements with some of our largest existing customers. Given this strategic progress and the actions we have taken, I am confident we will emerge stronger as the current restrictions related to COVID-19 ease.”
Playtech’s update saw Alan Jackson provide his final statement as Company Chairman, having confirmed in April that he would not renew his tenure.
Jackson will be replaced by Claire Milne as Interim Chair, as the FTSE firm undertakes its executive search for his replacement.
“It is with great pride that I look back over my time as Chairman of Playtech,” said Jackson. “During my time with the Company the gambling industry has changed dramatically and Playtech has demonstrated the strategic vision to grow into a diversified and trusted technology leader in its industry.
“In these uncertain times the Board and I are confident Claire’s appointment as Interim Chairman will bring the required experience, industry knowledge and stability needed.”