According to Reuters reports, Playtech said it had adjusted core earnings of 117 million euros for the first three months of the year and 140 million euros by the end of April.
Playtech has lauded “remarkable operational resilience” after praising “early and decisive action” taken in response to the current health crisis that has seen the firm report a better performance than expected in previous trading updates.
Pledging to continue “doing everything it can” to mitigate the effects of the outbreak on its staff, its partners and its business, actions taken thus far includes the deferral or cancellation of capital expenditure, strict working capital management, suspension of shareholder distributions, salary reductions across the company, reduced working hours in certain locations, significant reduction of marketing spending, reduced office and maintenance costs, and the renegotiation of timing of cash outflows including contingent consideration payments due in 2020.
Playtech acknowledges that “the industry needs to provide an increased level of player engagement and data analysis to identify, support and protect customers who may be experiencing increased levels of risk,”
Reviews of advertising and operational procedures across B2B and B2C operations are also consistently being undertaken, as is the strengthening of safeguards to account for the changing environment and new risks arising.
“So far this year, alongside actions taken to protect our people and our business, Playtech demonstrated remarkable operational resilience – demonstrating the strength and flexibility of our technology and our position in the industry,” explained Mor Weizer, CEO of Playtech.
“We have added new tier one licensees, added over 20 new brands and expanded agreements with some of our largest existing customers. Given this strategic progress and the actions we have taken, I am confident we will emerge stronger as the current restrictions related to COVID-19 ease,” Weizer added.
Alan Jackson, Playtech’s outgoing chairman, commented: "It is with great pride that I look back over my time as chairman of Playtech. During my time with the company the gambling industry has changed dramatically and Playtech has demonstrated the strategic vision to grow into a diversified and trusted technology leader in its industry.
“In these uncertain times the board and I are confident Claire's appointment as interim chairman will bring the required experience, industry knowledge and stability needed," Jackson also said.
Despite COVID-19 starting to severely impact some of the group’s businesses, results for March as a whole are said to have fallen in-line with original expectations.
Source: GMB
