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11 Mar 2021 | 08:11

Playtech FY revenues 'severely impacted' by Covid-19 pandemic

(Sharecast News) - Sports betting software provider Playtech said on Thursday that it had been "severely impacted" by the Covid-19 pandemic, with group-wide revenues dropping by a quarter as a result of a soft business-to-business performance. Playtech said the cancellation of sporting events worldwide and the closure of land-based units had impacted profitability throughout the year.

The FTSE 250-listed group said a 10.6% fall in B2B revenue to €494.8m, largely due to the impact of retail closures in the period, weighed on the company as a whole and helped bring about a 25% group-wide decline in revenues to €1.07bn for the year.

Revenue in Asia declined by 28% due to the "severe impact" of the pandemic in the region.

Excluding sports, Playtech's digital segment grew 30% at constant currency, driven by its casino, live casino bingo and poker online businesses, while business-to-consumer gambling slumped 33.7% to €596.0m.

Adjusted underlying earnings slumped 32% to €253.6m, falling short of previous guidance for a figure of no less than €300.0m.

However, chief executive Mor Weizer said: "The significant strategic and operational progress we achieved in 2020 has placed us in a strong position to capture the exciting market opportunities ahead."

As of 0845 GMT, Playtech shares were down 4.68% at 487.30p.
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