Playtech plans to spend £500m as chairman Withers steps down

City A.M. Reporter
GAMING software developer Playtech is looking to spend more than €600m (£512m) on acquisitions, as it looks to take advantage of more people betting on bingo and sport on their mobile phones and tablets.

The company also said yesterday its chairman of seven years, Roger Withers, would leave in October and would be replaced by senior non-executive director Alan Jackson.

With no debt and having netted £424m in March after William Hill bought out its stake in a joint internet venture, chief executive Mor Weizer said that the company was on the hunt for bolt-on and strategic buys.

“Playtech has more than €500m on its balance sheet and it has access to more than €100m in credit facilities,” he said. “It’s a very good position to be in and definitely we expect to use that to take the company to the next level,” he said.

The company posted a 13 per cent jump in first half-earnings yesterday and said it was confident of meeting full year market expectations.

Underlying adjusted earnings before interest tax, depreciation and amortisation was €78.9m for the six months to the end of June.