Playtech Reveals Steady 2017 Trading, Hints at Further M&A
World’s leaders in online casino software development – Playtech – posted a brief AGM Trading Statement this week, ahead of its annual general meeting, revealing that company’s operations and performance thus far in 2017 have been in sync with expectations.
Playtech Going Strong
The steady business organic growth continued after the last November’s purchase of CFH Group, whereas the announced growth in daily average revenue with Playtech’s Gaming division remained strong and substantial thanks to additional strategic acquisitions.
“Growth in daily average revenues in the Gaming division in the year to date remains strong with organic growth supplemented by acquisitions made in 2016 and 2017 including BGT, Quickspin, ECM and Eyecon. As previously indicated, the initial phase of our contract with the Sun Bingo has been more challenging than anticipated and we have recently taken further steps to address the issues, including significantly strengthening the management team, resulting in an improving performance.”, Playtech Chariman Alan Jackson’s statement for Annual General Meeting reads.
Revenue Increase Due to CFH Purchase
Playtech’s annual report for 2016 states that €1.8 million of new revenue streamed in to contribute to its consolidated accounts after the CFH purchase.
The Financials division has performed in line with our expectations, with continued growth in the B2B business and improved B2C customer KPIs. CFH continues to perform well following the acquisition in November.”, Chairman Alan Jackson commented.
The successful undertaking has seen continued growth in business-to-business segment and improved key performance indicators have left Playtech considering further acquisitions in the financial division, as confirmed by Jackson.
“Our M&A pipeline remains strong and we continue to have active discussions with a range of businesses in the Gaming division as well as discussions for selective bolt-on acquisitions in the Financials division,” said Alan Jackson.