Playtech says current trading is strong, moves away from quarterly updates

Playtech PLC (LON:PTEC) has just published a filing with the London Stock Exchange, stating that it will no longer be releasing Q1 or Q3 trading updates.

The move is in tune with market practice for companies with a Premium Listing on the London Stock Exchange to move away from Interim Management Statements. The change, the company noted, reflects recent recommendations from the UK Investment Association seeking to encourage long term investment practice.

Playtech also shed some light on its recent performance. It said it continues to enjoy momentum in its business and that current trading remains strong.

The fourth quarter of 2015 was challenging for the financials unit (Markets Limited) of Playtech. The financials division which was established after the acquisition of TradeFX (which includes the and TopOption brands) in May last year had revenues of EUR 21.8 million in the final quarter of 2015. This represents a 20.7% drop from the revenues of EUR 27.5 million reported in the third quarter of 2015.

When releasing its FY 2015 report, Playtech also confirmed the changes to the business model of Markets Limited, including the cessation of trading relationships with ‘large business introducers’.

You can view the Playtech announcement by clicking here.

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