Playtech Shows Strong Performance Growth in the First Half of 2017
The Isle of Man-based gambling software development company, Playtech Group, presented its semi-annual results which show strong performances and growth across all aspects of the company’s business operations.
Over the period from January 1 to June 31 this year, Playtech recorded revenue of $496.9 million, 25% more than during the same period of 2016.
When it comes to operating performance, the company’s earnings before interest, tax, depreciation and amortization (EBITDA) went up by 19% to a total of $201.5 million.
Efficient Strategy Giving Results
Playtech said the results were a proof of the company’s efficient business strategy, a testament to an already proven cash generating model which resulted in a staggering 83.7% increase in profits – from $57.8 million in 2016 to $106.1 million.
At this time, the company’s Gross Cash position stands at $631.7 million – 1.8% less than in December 2016 ($642.4 million) or 4.1% less when adjusted.
During this period, Playtech Group managed to renew several contracts with some of the most important names in the United Kingdom betting market, such as Paddy Power Betfair, Sky Bet and Betfred.
The company launched the world’s largest Live Casino studio in Latvia, which is expected to revolutionize the offering in a growing and dynamic channel.
A substantial amount of money has been allocated for the future investments in the multi-channel strategy, development of live casino products and in seamless integration of newly acquired assets.
Chairman of Playtech, Alan Jackson said the strength of the Playtech model had once again been demonstrated by a strong performance in the first half of this year.
He added this performance had been successfully converted into strong cash generation, emphasizing a 10% increase in the interim dividend had been in line with the company’s dividend policy.
Jackson stated he was confident of further strategic progress in the second half of this year.