Playtech 6-mo pretax profit up, falls on adj basis

Playtech PLC (PTEC.LN) said Thursday that pretax profit increased in the first half of 2018, boosted by a credit from an investment which was slightly offset by higher costs.

For the six months ended June 30, the gambling-software company made a pretax profit of 124.2 million euros ($143.6 million) compared with EUR91.4 million in the same period a year earlier.

Adjusted pretax profit, which strips out one-off costs, fell to EUR98.1 million from EUR129.8 million.

Revenue increased 4%, or 6% on a constant-currency basis, to EUR436.5 million from EUR421.6 million.

FTSE 250-listed Playtech maintained the interim dividend at 12.1 European cents a share.

The company said it continued to face increased competition in China from new market entrants, which resulted in downgrades to revenue expectations announced in June.

Chairman Alan Jackson said the headwinds in the Asian market are not reflective of the core strength of Playtech as the regulated segment continues to report organic growth and encouraging momentum.

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