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The online gaming provider Playtech has announced its latest trading update and response to the global pandemic:<\/p>\nThe online gaming provider Playtech has announced its latest trading update and response to the global pandemic:<\/p>\n
Summary: Strong Q1 with Adjusted EBITDA of \u20ac117 million Significant operational progress with existing and new Tier-1 licensees and over 20 new brands added Response to COVID-19<\/span><\/p>\n As COVID-19 continues to impact the global economy, Playtech is doing everything it can to mitigate the effects of the outbreak on its staff, its partners and its business. Management has taken decisive action to ensure the health and wellbeing of its employees and to preserve cash flow, while continuing to provide customers with Playtech’s leading technology to deliver what they need. Actions taken include the deferral or cancellation of capital expenditure, strict working capital management, suspension of shareholder distributions, salary reductions across the Company (including 20% for all members of the Board and the executive management team), reduced working hours in certain locations, significant reduction of marketing spending, reduced office and maintenance costs, and the renegotiation of timing of cash outflows including contingent consideration payments due in 2020. <\/span><\/p>\n Playtech enacted its business continuity plan in the early stages of the COVID-19 pandemic with many of its offices moving to remote working during February to protect employees’ health and safety, while remaining locations transitioned in early March. Playtech has managed this transition while maintaining productivity levels and delivery deadlines. <\/span><\/p>\n
\nPlaytech took early and decisive action in response to COVID-19 and has performed better than envisaged in its update on 19 March 2020<\/p>\n
\nIn April 2020 Adjusted EBITDA was \u20ac23 million driven by TradeTech in addition to cash preservation measures
\nMonthly cash flow remained positive in March and April (excluding contingent consideration payments and cash from land sale)<\/p>\n
\nOver \u20ac600 million of cash available including fully drawn RCF; covenant light debt
\nFurther \u20ac14 million received from Snaitech land sale with remaining \u20ac36 million expected in early Q3
\nClaire Milne appointed as Interim Chairman to provide continuity and stability<\/span><\/p>\n