Playtech climbs after “resilient” first half

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Playtech climbs after “resilient” first half

Online gambling software firm Playtech (LON:PTEC) spoke of a “resilient” first half on despite the pandemic having a severe impact on trading in some of its businesses.

The company posted first-half adjusted earnings before interest, tax, depreciation and amortisation of more than €160m, driven by its online businesses and an “exceptional” performance at its TradeTech financials division.

Chief executive officer Mor Weizer said: “Thanks to the outstanding response from our people and the early actions taken to protect the business, Playtech has demonstrated outstanding operational resilience during this challenging period.

“In addition to navigating near-term headwinds, we’ve continued to focus on setting up the business for success in the long-term. During the period, we’ve worked hard to add new brands, expand relationships with our existing customers and entered the New Jersey market with our long-standing strategic partner bet365. It is pleasing to see the impacted parts of the business starting to demonstrate positive momentum and I am confident the actions we have taken will help us emerge stronger and cement our market-leading position.”

Playtech shares climbed 7.8p to 323p (as at 14:17 BST).

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