2023 proved fruitful for London-listed Playtech (LSE: PTEC), whose adjusted revenue grew 7%, and EBITDA increased 9% to €423.3 million compared to 2022.
However, the net income of the financial trading industry company fell slightly to €50.2 million.
Playtech Delivers Strong Financial Results in 2023
Playtech's revenue from continuing operations increased to €1,706.7 million in 2023, demonstrating the company's strong financial performance. The B2B division saw revenue growth of 8% to €684.1 million, while B2C revenue surpassed €1 billion for the first time, reaching €1,037 million.
"Playtech performed very strongly over the year and delivered Adjusted EBITDA up 9% to €432 million, ahead of previously raised expectations,” said Mor Weizer, the CEO of Playtech.
Despite increases in revenue and EBITDA and a significant jump in reported net profit, the adjusted post-tax profit slightly contracted, decreasing 2% compared to 2022. Ultimately, Playtech earned €50.2 million in 2023.
The company has maintained its medium-term Adjusted EBITDA targets for both B2B (€200-250 million) and B2C (€300-350 million) divisions.
"With regards to outlook, we are well set to achieve our medium-term targets for both B2B and B2C divisions and have a high-quality balance sheet giving us the flexibility to pursue both organic and inorganic growth opportunities," Weizer added.
Divisional Performance
Both B2B and B2C divisions demonstrated solid performance. The B2B division's Adjusted EBITDA increased 14% to €182 million, driven by strong operating leverage . Live Casino continued to see good revenue growth, particularly in regulated markets.
In the B2C division, Snaitech revenue grew 5% to €946.6 million, maintaining its number one market share position across Italian sports betting brands. Sun Bingo and Other B2C saw Adjusted EBITDA grow to €6 million, driven by more effective marketing spend and improved user experience.
Strategic Partnerships and Expansion
In 2023, Playtech made significant strides in its strategic partnerships and expansion efforts. The company signed a landmark partnership with Hard Rock Digital and now operates three US Live Casino facilities, with licenses in 11 US states. The Americas region was the biggest growth driver for Playtech, with revenue increasing 46% to €211.9 million.
"As well as delivering excellent financial results, the Group made important strategic and operational progress, including our expansion across the US," Weizer concluded.
