12th Jan 2021 09:22
(Alliance News) - Playtech PLC on Tuesday said it expects its 2020 results to beat forecasts, adding that while Covid-19 related uncertainties remain, it is well-placed to make progress in 2021.
The FTSE 250 online gaming and sports betting firm stated it expects adjusted earnings before interest, tax, depreciation and amortisation for 2020 of at least EUR300 million following its entry into the US market and its expansion in Latin America. This would reflect a 22% decrease from the 2019 adjusted Ebitda which was EUR383.1 million.
Playtech said its performance was hurt by retail closures amid lockdowns and the cancellation of sporting events. Its business in Asia was negatively impacted by government restrictions in response to the pandemic as well as restrictions on payment processing.
Separately, the company said it has completed the USD10 million sale of YoYo Games, with the completion marking the disposal of all its Casual and Social Gaming business assets.
Looking ahead, Playtech said: "Whilst the Covid-19 pandemic continues to pose challenges and the macroeconomic outlook remains highly uncertain, Playtech remains well placed to make further strategic and operational progress in 2021."
Full results for 2020 will be published on March 11.
Shares in Playtech were trading 5.1% higher at 472.00 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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