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Playtech Share Price Tumbles 11% as Profit Crashes

Analyst Team trader
Updated 17 Sep 2020

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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.

The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.