More The Wiser, It’s Play On For Playtech With FY22 Boost
It’s only nine months ago but for Playtech it already feels like a different epoch from the labyrinthine complications of facing a multi-pronged takeover saga, one where boss Mor Weizer even threatened at one time to resign if the deal he favoured didn’t launch.
As it ran, TT Bond Partners, the secretive Hong Kong consortium initially supported by Weizer, declined at last gasp to stump-up the £3 billion (US$3.66bn/€3.4bn), mas ø menos, needed to capture the gambling technology giant last July.
They pulled out, wisely stating market uncertainties, prompted by post-Covid19 ructions and the blow-back of Russia’s “special operation” in Ukraine.
No more was heard about Weizer’s potential resignation and Playtech, the Isle-of-Man-headquartered Omnichannel he has led since 2007, went on to have a bumper Financial Year 2022.
On the back of these latest headline results–a 33 percent year-on-year increase in revenue to €1.6 billion (£1.4bn/US$1.72bn) and 28 percent rise in EBITDA to €405.6 million (£356.93m/US$436.14m)–moneymen predict that the equivalent of a US$100 investment in Playtech shares today will yield a return of US$175 within five-years.
“2022 was a year of considerable strength for Playtech, in which we delivered record revenues and EBITDA, ahead of market expectations,” said CEO Weizer.
Snaitech Surge
Growth was powered by impressive B2B performance in the Americas and underpinned by B2C subsidiary Snaitech’s ongoing strength in both Italy’s retail and online markets, Playtech postulated in a company statement.
Snaitech’s revenue surged 54 percent to €899.8 million (£791.83m/US$967.55m), while B2B revenue in regulated markets, for example, grew 14 percent to €632.4 million (£556.51m/US$680.01m), compared to 2021.
“Strategically we have continued to deliver, [launching] the IMS platform with Parx Casino in Pennsylvania and [signing] several significant new deals, with[among them] Golden Nugget, WynnBet, Resorts International, 888 and Hard Rock Digital.”
On a valedictory note, amid the ongoing war, Weizer praised the courage and resilience of Playtech’s 700 Ukrainian staff, a tenth of the company’s total workforce.
“I’d like to acknowledge the bravery of our colleagues in the Ukraine, and praise the work of our crisis management team, who have worked tirelessly to support our Ukrainian colleagues and their families,” he affirmed.
Looks like there’s more, much more, to come from the inimitable Mor Weizer.
