Stock Market News
Playtech shares dive on Q1 revenue slowdown
Shares in gambling software provider Playtech sharply fell on Thursday as the company said daily revenue in the first 51 days of the first quarter were down 11% year-on-year against strong comparatives in Asia in the first half of 2017.
The company said full year adjusted earnings before interest, tax, depreciation and amortisation were up 11% on a constant currency basis to 322.1m, despite regulatory headwinds.
Revenues rose 18% on a constant currency basis to 807.1m, while adjusted net profits were up 8% to 231m. The total dividend was lifted 10% to 36 cents a share.
Playtech in November issued a profits warning after a government crackdown on gambling syndicates in Malaysia.The company on Thursday said its strategic position on Asia was "unchanged".
"We operate a risk based approach where our legal and compliance teams are consistently reviewing the regulatory environment to ensure that our presence is commercially beneficial to the group," Playtech said.
The company added that it was looking to diversify its revenue base by" investing in fast growing regulated and regulating markets in Europe and Latin America through organic growth and mergers and acquisition".
"This strategy will continue to drive the growth in Playtech's regulated revenue streams and will diversify the geographical make-up of our revenue base," the company said.
The company said full year adjusted earnings before interest, tax, depreciation and amortisation were up 11% on a constant currency basis to 322.1m, despite regulatory headwinds.
Revenues rose 18% on a constant currency basis to 807.1m, while adjusted net profits were up 8% to 231m. The total dividend was lifted 10% to 36 cents a share.
Playtech in November issued a profits warning after a government crackdown on gambling syndicates in Malaysia.The company on Thursday said its strategic position on Asia was "unchanged".
"We operate a risk based approach where our legal and compliance teams are consistently reviewing the regulatory environment to ensure that our presence is commercially beneficial to the group," Playtech said.
The company added that it was looking to diversify its revenue base by" investing in fast growing regulated and regulating markets in Europe and Latin America through organic growth and mergers and acquisition".
"This strategy will continue to drive the growth in Playtech's regulated revenue streams and will diversify the geographical make-up of our revenue base," the company said.
Related share prices |
---|
Playtech (PTEC) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price