Playtech’s adjusted H1 2024 financial figures puts one of the UK’s largest gambling companies in a great position to end the year on a high! (Image courtesy of www.investors.playtech.com)
On 20 September, the London Stock Exchange-listed gambling company released its adjusted H1 2024 report for FY24 from 1 January to 30 June 2024.
On the investor’s page on the Playtech website, the group highlighted the following points:
Group revenue growth: +5%
Group Adjusted EBITDA: €243m
Regulated B2B revenue growth: +18%
B2B Adjusted EBITDA growth: +38%
The company’s original financial stats delivered exemplary stats showing strong growth with a 5% increase in revenue and a 223% increase in post-tax profits.
Adjusted H1 2024 report for FY24 from 1 January to 30 June 2024
Adjusted stats have reduced the post-tax profits from 223% to 23% while revenue remains intact at 5% with the exact €906.8 million figure. Another impressive stat investors were happy to see was the company has reduced its net debt by 9% so far in 2024. Playtech’s debt stats did not change in the latest adjusted report.
Playtech Stock Price Remains Solid
As per the September 2024 Casinoplusbonus Gambling Shares Update, published on 29 September 2024, the gambling company’s share price is also on the rise.
The update here on Casinoplusbonus was issued a day before the adjusted H1 2024 Financial figures were released. Playtech share price was at 753 GBX, which is a +69.05% increase on January 2024’s market opening and a +48.66% increase on January 2023’s opening stock price.
Since the release of the latest financial figures, as of right now, 1 October 2024, Playtech is trading at 746 GBX, dropping just -0.93% during the UK’s London Stock Exchange morning session.
Source: The H1 financial information in this report comes via the Playtech Investors page on the company’s official website.
The Playtech H1 2024 Financial Report Stats Broken Down
Below I have divided the stats from the Playtech H1 2024 financial report into tables.
Mor Weizer, CEO, said in the report that “This set of results is further proof of the excellent progress we’ve made this year. We’ve executed our strategy to grow and improve the B2B business, delivering broad-based growth with strong contributions across our key markets, high operating leverage and tight cost control”.
Playtech Financial Summary
| Metric | H1 2024 | H1 2023 | Change % | Details |
|---|---|---|---|---|
| Revenue | €906.8m | €859.6m | 5% | Driven by strong B2B performance. |
| EBITDA | €243.0m | €219.9m | 11% | Strong performance in B2B and Americas region. |
| Post-tax profit (Reported) | €10.0m | €3.1m | 223% | Prior period impacted by reduced fair value of derivative financial assets. |
| Post-tax profit (Adjusted) | €105.4m | €85.7m | 23% | – |
| Diluted EPS (Reported) | 3.2 €c | 1.0 €c | 220% | – |
| Diluted EPS (Adjusted) | 33.6 €c | 27.5 €c | 22% | – |
| Net debt | €225.5m | €248.2m | -9% | Improved leverage, proforma leverage reduces to 0.2x post cash received from Caliplay. |
B2B Division Summary
| Metric | H1 2024 | H1 2023 | Change % | Details |
|---|---|---|---|---|
| Revenue | €382.2m | €334.5m | 14% | Strong growth in Americas; revenue in US and Canada up over 200%. |
| Adjusted EBITDA | €112.3m | €81.3m | 38% | High operating leverage and focus on cost control. |
| Revenue from Americas | €141.6m | €99.7m | 42% | Caliplay as main driver; additional growth from Wplay, NorthStar, and Parx. |
| Fair value increase of equity investment | €118.5m | €77.0m | – | Due to strong performance of Hard Rock Digital. |
| SaaS Revenue | €33m | – | 44% | On track for medium-term target of €60m-€80m. |
Playtech B2B Brands
| Metric | H1 2024 | H1 2023 | Change % | Details |
|---|---|---|---|---|
| Revenue | €382.2m | €334.5m | 14% | Strong growth in Americas; revenue in US and Canada up over 200%. |
| Adjusted EBITDA | €112.3m | €81.3m | 38% | High operating leverage and focus on cost control. |
| Revenue from Americas | €141.6m | €99.7m | 42% | Caliplay as main driver; additional growth from Wplay, NorthStar, and Parx. |
| Fair value increase of equity investment | €118.5m | €77.0m | – | Due to strong performance of Hard Rock Digital. |
| SaaS Revenue | €33m | – | 44% | On track for medium-term target of €60m-€80m. |
Corporate & Financial Activity
| Metric | H1 2024 | H1 2023 | Change % | Details |
|---|---|---|---|---|
| Sale of Snaitech | €2.3 billion | – | – | Enterprise value; €1.7 billion – €1.8 billion to be returned to shareholders. |
| Group net debt | €225.5m | – | – | Leverage of 0.5x. |
| Post-tax profit | €10m | €3.1m | 223% | Increase due to fair value gains and offset by impairment in sports revenue due to revised agreement with Caliplay. |
Outlook
| Metric | FY 2024 | Details |
|---|---|---|
| Adjusted EBITDA | Slightly ahead of expectations | On track to meet medium-term target of €200m-€250m in B2B Adjusted EBITDA. |
| Cash Generation | Strong | Cash received from Caliplay, providing flexibility for future growth opportunities. |
For more information about the software provider and the company, please visit the Casinoplusbonus Playtech casino game developer page. The information on this page is not financial info, but for online casino players looking to learn more about what the brand has to offer in the iGamimg industry.
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