Playtech Posts FY 2023 Financials

Game software group Playtech has posted its full-year 2023 financial results, noting that revenues were up 6.6% from the year prior to €1.71 billion.

Business-to-business revenues were up to €684.1 million, with American operations driving the growth as revenues were up 46.4% in the market. Mexico also contributed highly in terms of business revenues, and the Wplay brand in Colombia showed high growth as well.

Business-to-consumer revenues were up 5.5% to €1.04 billion, with Snaitech being the group's largest contributor. The company's HappyBet brand posted a loss, but this was largely attributed to litigation settlement expenses. Sun Bingo and other brands saw growth, which Playtech attributed to better user experiences.

Expenses were up for the company, with distribution costs before depreciation and amortisation of €1.15 billion, up 6.5% from last year. Administrative costs were flat at €146.7 million. Depreciation and amortisation was up to €194.4 million, 14.3% higher than last yar. Impairment of property, plant, and equipment, and intangible assets were €89.89 million.

Pre-tax profits were up 146.7% to €235.8 million. Income taxes paid were €130.7 million, which left a net profit of €105.1 million, up 158.9% from last year.

Playtech CEO Mor Weizer said that 2024 is looking bright for the company, noting: "In summary, we remain very confident in our ability to execute our strategy and to continue delivering value for our shareholders."

About the author

Therese Williams // UK Correspondent
Therese Williams
Therese is a fervent fan of slot machines and pub fruities, often trying her luck at some of the top online casinos. She covers news for Casino Listings with a focus on the UK and Europe. Therese studied arts and creative writing at university and has written for newspapers in the UK.

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