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Investing.com -- Shares of Playtech (LSE:LON:PTEC) inched up by 0.5% following the announcement of their financial results for the full year 2024.
The company reported a revenue increase of 5% to €1,791.5 million and an 11% rise in EBITDA to €480.4 million, which was slightly above the consensus estimate of €472.0 million according to FactSet. Additionally, Playtech has successfully reduced its leverage to 0.3x, down from 0.7x in the previous fiscal year.
The company provided a positive outlook for the start of FY25E, citing strong B2B trends. Playtech has set new medium-term targets for its continuing operations, aiming for €250-300 million in EBITDA and €70-100 million in free cash flow (FCF). These targets suggest the potential to double EBITDA over the medium term, despite the anticipated impact from new terms with Caliplay.
In the B2B sector, Playtech achieved a 10% increase in revenues and a 22% rise in EBITDA to €222 million, reaching its prior medium-term goal ahead of schedule. Regionally, regulated revenues grew by 10%, with the Americas up by 19%—including a significant 126% increase in the US and a 12% rise in Latin America.
Europe, excluding the UK, saw a slight decline of 1%, while the UK and Rest of World revenues grew by 8% and 70%, respectively. In terms of product performance, the live casino segment saw a 24% increase in regulated markets, and SaaS revenues jumped by 59% to €80 million, also surpassing its medium-term revenue target earlier than expected.
The B2C division reported a modest revenue growth of 2% and a 3% increase in EBITDA. Breaking it down by brand, Snaitech’s revenues rose by 1% with a 4% increase in EBITDA, Happybet’s revenues were up by 4% with flat EBITDA, and Sun Bingo along with other revenues increased by 7%, although their EBITDA fell by 25%.
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