London-listed gaming technology provider Playtech has reported a 14% increase in revenue to €807.1 million for the full 2017 year, with casino remaining its biggest product vertical and representing over half of the total.
Chief Executive Mor Weizer said the firm enjoyed another year of operational success and found itself in a position of strength at the end of 2017, despite issues in Asia in the second half and the expected loss of Marvel brand licensing rights, the end of certain, unspecified contracts from Mobenga and the loss of PokerStrategy’s affiliate marketing contract for PokerStars.
The results were in line with revised expectations following on from a profit warning relating to a gambling crackdown by authorities in Malaysia and issues with Sun Bingo. In today’s update, the firm stated there is “no change in Malaysia since our announcement in November.”
Chairman Alan Jackson said: “Playtech delivered double-digit revenue growth in 2017 despite headwinds in both regulated and unregulated operations. Playtech’s performance continues to be converted into strong cash generation enabling a 10% increase to the full year dividend.
“Playtech’s strategy to improve the quality of earnings for the Group, organically and through M&A, was evident in the increase in regulated revenue to 54%. The health of the core business coupled with the strength of the balance sheet means Playtech is strategically well placed to execute on M&A that will continue to drive this growth and further diversify Playtech’s revenue base.
“Management is confident 2017 has delivered a strong platform for strategic progress in 2018 through execution of organic opportunities and M&A.”