Playtech confident of countering Asian headwinds to meet 2018 targets

FTSE250 gambling technology group Playtech Plc has this morning published its latest trading update informing investors that the company is on track to deliver its 2018 expected EBITDA range of €320-360 million.

Issuing a short market guidance, Playtech governance details that its B2B Gaming Division continues to trade in line with the trends reported for its interim results in August, generating good revenue growth outside of Asia.

The technology group informs that Asian market revenues have stabilised at an annualised run-rate of approximately €150 million.

Supporting its stable B2B performance, Playtech reports a continued positive momentum for its enlarged B2C division, which has incorporated new Italian gambling asset  Snaitech – a transaction completed during the Q2 2018 trading for approximately €850 million.

During the trading period, Playtech governance restructured the firm’s financial position, offloading its 10% shareholding in Plus500 (transaction £185 million) alongside further completing a new €530 million bond offering.

Proceeds from Playtech’s transactions will be used to bridge facilities used for the acquisition of Snaitech and to pay back further deal-related costs.