new-recommended-broker-banner new-recommended-broker-banner

Playtech Share Price Tumbles 11% as Profit Crashes

Updated: 17 Sep 2020

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.

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.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .