Playtech reports strong 2017 trading despite “challenging” Sun Bingo contract
Supplier also says it remains in “active discussions” to complete new acquisitions in the online gaming space
Playtech this morning said the company had delivered a “strong performance” for the year-to-date, driven by both organic growth and an aggressive acquisition strategy.
In a brief AGM trading update, the London-listed provider announced it expected to meet its market expectations for the year following growth in daily average revenues in gaming and an improving financials division.
However, Playtech admitted its Sun Bingo contract had proven “more challenging than anticipated” but said it had taken steps towards improving its performance by strengthening its management team.
“I am delighted to say that Playtech is delivering a strong performance in 2017 driven by organic growth and recent strategic acquisitions,” chairman Alan Jackson will say at Playtech’s AGM today.
Playtech has completed a number of acquisitions in recent months, including Quickspin and Eyecon, and said it remains in talks to complete additional deals in the coming months.
“Our M&A pipeline remains strong and we continue to have active discussions with a range of businesses in the Gaming division as well as discussions for selective bolt-on acquisitions in the Financials division,” Jackson will say in a statement.
“The Board has confidence in the continued success of Playtech and of the business meeting its expectations for 2017.”
Playtech’s share price was down 0.35% to 976.60p on the London Stock Exchange at the time of writing.