Playtech Sees Business Grow
Playtech said in a recent earnings call that they are happy to keep hold of their financial trading business TradeTech even thou it does not match their core business in B2B and B2C gambling products.
In 2019 TradeTech did not perform well and the company looked at offloading the trading business and according to reports several interested parties emerged, however nothing materialised into a sale. But the trading business fortunes have turned around in 2020 with first half revenues soaring by 123% compared to last year with €87.3 million in Q1 of 2020 with underlying earnings climbing from €8.2 million in 2019 to €52.8 million in the first half of 2020.
The uptick in business was put down to increased trading volatility amid the COVID-19 pandemic, however as markets has stabilised at present the performance of TredTech is not expected to increase by that amount in the second quarter of 2020.
In August Playtech said that they had been approached to sell TradTech stating however “there can be no certainty that any transaction will be forthcoming or whether acceptable terms will be agreed.”
Mr. Weizer also said that they are in no rush to sell TradeTech and that they will only offload the financial trading business, if they get the right offer for it.
