Playtech Publishes Strong FY 2023 Results, Posts Optimistic Outlook

Playtech, a leading provider of gaming platform, content and services, has published its FY 2023 results, reporting an increase in revenue and adjusted EBITDA. The supplier reported strong performance across both its B2B and B2C segments and a resilient balance sheet.

The company reported revenue of EUR 1.7 billion ($1.84 billion), representing an increase of 7% year-on-year. EBITDA, on the other hand, stood at EUR 406.5 million ($440.3 million), which translates to an increase of 12%. Post-tax profit, on the other hand, skyrocketed by 159% to 105.1 million ($113.8 million).

In terms of adjusted results, the company reported an adjusted EBITDA of EUR 432.3 million ($468.2 million), or an increase of 9%. Adjusted post-tax profit, meanwhile, stood at EUR 156.8 million ($169.8 million), representing a slight decline of 2%.

The company’s B2B segment remained healthy with revenue growth of 8% to EUR 684.1 million ($741 million). B2B adjusted EBITDA, on the other hand, increased 14% to EUR 182 million ($197.1 million). Playtech lauded the Americas as the biggest driver of growth, noting that it saw revenue skyrocket by 46% in the region. The company concluded that its B2B segment is on course to achieve the medium-term SaaS revenue target of EUR 60-80 million ($65-86.6 million).

In the meantime, the B2C segment recorded revenue of EUR 1 billion ($1.08 billion), up 5% year-on-year. Adjusted EBITDA, on the other hand, increased 6% to EUR 250.3 million ($271.1 million). The Sun Bingo experienced strong growth, driven by effective market spend. The Snai brand, on the other hand, remained stable, while HAPPYBET reported adjusted EBITDA loss of EUR 11.8 million ($12.8 million).

Playtech’s Balance Sheet Allows It to Explore Opportunities

Mor Weizer, Playtech’s chief executive officer, commented on the results, praising his company’s performance, which exceeded previous expectations. He thanked his colleagues in offices all over the world, lauding their efforts to do their best in spite of the complex geopolitical situation.

In summary, we remain very confident in our ability to execute our strategy and to continue delivering value for our shareholders.

Mor Weizer, CEO, Playtech

Playtech also released its 2024 guidance. Reflecting the solid start to trading in 2024, the company expects B2B medium-term adjusted EBITDA of EUR 200-250 million and B2C medium-term adjusted EBITDA of EUR 300-350 million.

The company concluded that its strong balance sheet will allow it to explore further growth options.