Playtech sees higher 2019 earnings

Business News

Playtech shares rose more than 15 percent after the gambling software developer said it would buy back shares worth 40 million euro ($45.34 million) and forecast core earnings to rise at least 15 percent for 2019.

Playtech said it expects 2019 adjusted earnings before income, tax, depreciation and amortisation to be between 390 million euros to 415 million euros.

The profit range includes a positive impact from Sun Bingo, which had losses in 2018.

Underpinning the solid results was a string of new licensee wins in its key markets of UK, Europe and Latin America.

Playtech expects the bottom-line growth to accelerate in 2019, though, and is guiding for adjusted EBITDA of between €390-415mln.

That forecast assumes a €20mln boost from new accounting regulations, a positive contribution from Sun Bingo and a stable performance in Asia, where it has struggled of late mid “disappointing” trading conditions.