Advertisement
Singapore markets close in 22 minutes
  • Straits Times Index

    3,174.12
    +2.19 (+0.07%)
     
  • Nikkei

    40,003.60
    +263.20 (+0.66%)
     
  • Hang Seng

    16,529.48
    -207.62 (-1.24%)
     
  • FTSE 100

    7,728.56
    +6.01 (+0.08%)
     
  • Bitcoin USD

    64,041.00
    -3,694.43 (-5.45%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,149.42
    +32.33 (+0.63%)
     
  • Dow

    38,790.43
    +75.63 (+0.20%)
     
  • Nasdaq

    16,103.45
    +130.25 (+0.82%)
     
  • Gold

    2,153.90
    -10.40 (-0.48%)
     
  • Crude Oil

    82.52
    -0.20 (-0.24%)
     
  • 10-Yr Bond

    4.3400
    0.0000 (0.00%)
     
  • FTSE Bursa Malaysia

    1,546.97
    -6.67 (-0.43%)
     
  • Jakarta Composite Index

    7,350.81
    +48.36 (+0.66%)
     
  • PSE Index

    6,848.43
    -4.86 (-0.07%)
     

Playtech to seek more deals; makes special payout

By Rahul B

(Reuters) - Gambling technology company Playtech Plc would continue to seek deals, its chief executive said, after it announced a special payout worth 150 million euros (£127.87 million) to shareholders.

"We have a strong pipeline of M&A targets. We are in discussion in both gaming and finance divisions," CEO Mor Weizer said, hinting that Playtech would continue its buying spree that has seen it acquiring two companies since May.

The company said it would pay 46 euro cents per share as special dividend on Dec. 6, which would come from its cash pile that stood at 777.6 million euros as of June 30.

ADVERTISEMENT

Playtech, which provides software for sports betting and online casino and poker games, bought rival operator Best Gaming Technology for 138 million euros in July and Swedish games studio Quickspin AB in May.

Gambling faces higher taxes and tighter regulation, and a series of mergers has intensified competition as firms market themselves to younger sports fans betting via mobile apps.

The company, founded by Israeli billionaire Teddy Sagi, hiked its interim dividend by 15 percent on Thursday, after strong performance in its key gaming division pushed up its first-half revenue by 18 percent.

Playtech's shares rose as much as 5 percent, before paring some gains. They were up 3.4 percent at 930.5 pence at 0836 GMT on the London Stock Exchange.

Revenue rose to 337.7 million euros in the six months ended June 30, from 286 million euros a year earlier. Gaming, which accounted for nearly 90 percent of the company's first-half revenue, grew 11 percent.

Average daily revenue in the gaming division for the first 55 days of the third quarter was up 12 percent, Playtech said, adding that it was confident of "strong" growth in 2016.

(Reporting by Rahul B and Esha Vaish in Bengaluru; Editing by Sunil Nair)