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Playtech Share Price Tumbles 11% as Profit Crashes

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Nigel Frith

Shares of Playtech PLC (LON: PLAY) tumbled over 11% today after the gambling software company witnessed its pretax profit from continuing operations crash 71% to €10.5 million (£9.6m)

Revenue tumbled 23% to €564 million for the six months ending June. Playcast reported its EBITDA for the same period at €162.3 million, which is 16% lower compared to a year ago.

“While the group saw an extremely strong start to the period in January and February driven by TradeTech, a strong performance from Snaitech and favourable sporting results, the adverse impacts of Covid-19 between mid-March and June led to the Group’s total reported revenues decreasing,” said Chief Financial Officer Andrew Smith.

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Playtech stock price fell as profit tumbled September 2020

Playtech share price plunged over 11% to trade at a 1-month low below 350p. Shares of Playtech are still struggling to fully recover from the pandemic-fueled selloff in March.

Nigel Frith
Nigel Frith
Author