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Playtech takes measures to maximize liquidity



Online gaming and financial trading giant Playtech PLC (LON:PTEC) released its trading volumes for first half of the year.

The company has benefited from the Covid-19 induced market volatility and has reported strong performance for its financial division TradeTech Group (which includes CFH, Alpha, Markets.com).

In March 2020 Playtech’s Board decided to maximize liquidity and suspend shareholder distribution because of the Covid-19 situation. The share repurchase programme announced at the FY19 result was also postponed as was the 2019 final dividend. These measures were able to save the company more than €65 million of cash outflows.

Playtech

Mor Weizer, CEO, commented:

Mor Weizer, Playtech
Mor Weizer

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.

Weizer added:

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.


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Playtech takes measures to maximize liquidity

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