British gambling software provider Playtech saw shares rise almost nine per cent today as it announced a €40m (£34.7m) share buyback scheme after full-year profits plummeted.
Playtech concluded a difficult year by rewarding shareholders with a buyback after issuing two profit warnings over 2018 – the second following poor online gaming revenue in Malaysia, one of its biggest Asian markets.
The company expects earnings before interest, tax, depreciation and amortisation (Ebitda) to be in the range of €390m to €415m this year, roughly 14 to 21 per cent increase on the €343m it earned in 2018.
Chairman Alan Jackson said: “In the face of changing market dynamics Playtech achieved significant strategic and operational progress in 2018, delivering a markedly improved financial profile.
“Following shareholder engagement, I am pleased to announce our new progressive shareholder return policy. The strength of the balance sheet and cash flows allow the Board to demonstrate its confidence in future growth of the business.”
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