Playtech plc (LSE: PTEC) has published its financial results for the first six months of 2021, reporting a solid jump in the revenue from its B2B streams and adjusted profits.
According to the official numbers, the total revenue of the company in the period came in at €457.4 million. Out of that, B2B revenue brought in €267.2 million, which is 16 percent higher than the previous year.
Additionally, the company’s expansion efforts in the US and Latin America paid off as revenues from the Americas increased to €46.4 million from H1 2020’s €22.9 million. Playtech pointed out that the strong performance of the B2B business more than offset the impact of lockdowns.
The company further diversified its B2B business with over 50 additional brands added to SaaS offerings in H1, resulting in a revenue gain of 128 percent.
The adjusted EBITDA of the company jumped 13 percent to €124.1 million in the year-half, while the adjusted post-tax profits climbed to €54.6 million from €3.5 million. The adjusted diluted EPS spiked 1,482 percent in the period to 17.4 €c.
Commenting on the results, Playtech CEO Mor Weizer said: “I am delighted by our strong strategic and operational progress to date in 2021, despite the ongoing challenges posed by the pandemic. These results demonstrate the quality of our technology and products, the significant progress made against our strategic priorities, and wider momentum across Playtech's operations.”
The H1 numbers also aligned with the company’s expectations.
Bullish Outlook
Now, Playtech is looking at another strong six months ahead. It revealed that during July and August, both its B2B and B2C business boomed and are expected to continue to deliver strong performances.
“Looking forward, given the strong H1 performance, the momentum in the business and the easing of lockdown restrictions, we are confident of Playtech's prospects for the remainder of 2021 and beyond,” Weizer added.
