Playtech PLC has revealed that there has been ‘positive progress’ with regards to its touted takeover from TTB Investors in Q1 of 2022.
Publishing its latest Trading Update for Q1, the company did concede that while progress is being made, ‘no certainty as to whether an offer for the Company will be announced, or the terms on which any offer might be made’.
Away from takeover talks, Playtech noted that it has experienced an ‘excellent’ start to the year, with adjusted EBITDA for the period north of €100m as both B2B and B2C divisions experienced ‘very strong’ performances.
Snaitech maintained the momentum it gained through H2 2021 into the current year, with Playtech labeling it as having “an excellent start” driven by its online business, retail recovery and favorable sports results.
The company’s B2B division is reported to have gained ‘very strong momentum’ throughout the period, with the Mexican division of Caliplay providing a particular B2B highlight performance.
Elsewhere, the company has lauded its expansion in North America, particularly highlighting the ‘several new partnerships’ in Ontario following the province’s launch on April 4. Meanwhile, it praised the ‘multiple new customers’ it had acquired in the US as it continued to gather momentum.
“The excellent start to the year gives the Board great confidence in the prospects for FY 2022,” a Playtech statement read. “As would be expected, the Board remains cautious and focused given that we are at an early stage in the year, combined with the uncertain macro backdrop due to the pandemic and the war in Ukraine.
“The Board is also conscious there cannot be any certainty that the strength across the business so far will be repeated throughout the remainder of the year.
“That said, the Company’s performance to date and current trends in the business positions the Company very well and the Board would hope to be able to update the market further as we progress through the year.”