18th May 2016 07:08
LONDON (Alliance News) - Playtech PLC Wednesday said the positive sales trends experienced last year has continued into 2016 and reiterated its plans to returning cash to shareholders if it fails to find a suitable acquisition opportunity.
"I am delighted to say that the momentum that Playtech enjoyed in 2015 has continued into 2016," said Chairman Alan Jackson ahead of the company's annual general meeting later Wednesday.
The growth in daily average revenue in the Gaming division has continued since the start of 2016 and Playtech expects to benefit from new licensee wins that were secured last year to begin contributing to growth later this year.
The division's pipeline also remains "very strong" and Playtech expects some "significant wins" this year.
The Financials division has performed in line with expectations since the start of the year afer Playtech adjusted the business model in the final quarter of 2015. The company said the division's performance is on track despite high market volatility in January and February, with volatility easing since then.
"Our pipeline of M&A opportunities remains healthy with active discussions in the Gaming division as well as discussions for selective bolt-on acquisitions in the Financials division," said Jackson.
"Should suitable acquisitions not be available, consideration will be given to returning cash to shareholders as we look to maintain an efficient capital structure," he added. "We remain confident of continued success and strong growth in 2016 and beyond."
Playtech shares were up 0.9% to 820.0 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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