Gambling software developer Playtech PLC hosted earlier today its Annual General Meeting, during which Chairman Alan Jackson commented on several important points related to the company’s performance over the past several months as well as to what might be expected in the months to come.
Mr. Jackson pointed out that the momentum the company enjoyed last year has continued in 2016 as well. The official explained that daily average revenue in Playtech’s Gaming division has kept on growing over the past several months and amounts generated were in line with the revenue growth in the first 53 days of 2016 as stated in the 2015 full-year report released in February.
Playtech now expects to start reaping considerable benefits from the new license agreements it has sealed in 2015. Significant wins are likely to be generated by the end of the current year, Mr. Jackson added.
Commenting on Playtech’s recently established Financials division, the company’s Chairman said that due to the improvements implemented in its business model during the fourth quarter of the previous year, the division in question performed fully in line with board’s expectations. The Financials division was slightly impacted by high market volatility in the first two months of 2016. However, volatility has eased since then and the effects were not that serious.
Playtech established its Financials division in May 2015, after it had completed the purchase of online forex trading platform TradeFX, later on re-branded as Markets Limited. The software company, specializing mainly in the development of solutions for the gambling industry, was also interested in acquiring Plus500 and AvaTrade to expand its Financials business, but did not receive the necessary regulatory approvals and had to terminate both deals towards the end of 2015.
Last but not least, Mr. Jackson commented on the merger and acquisition opportunities before his company. The official revealed that Playtech is in active discussions for potential gaming acquisitions and is also discussing “selective bolt-on acquisitions” for its Financials division. If not suitable acquisition opportunities occur, however, cash will be returned to Playtech shareholders as the company is looking to “maintain an efficient capital structure.”
