February 21, 2019 / 7:36 AM / 4 months ago

Playtech sets buyback, sees higher 2019 earnings

Feb 21 (Reuters) - Gambling software developer Playtech announced a 40 million euro ($45.34 million) share buyback and forecast higher core earnings for 2019 on the strength of its gambling business.

The Isle of Man-based company expects 2019 adjusted earnings before income, tax, depreciation and ammortisation to be between 390 million euros to 415 million euros including positive impact from Sun Bingo which was loss making in 2018.

Playtech, which makes software that powers thousands of fixed-odds betting terminals across the UK, reported a 7 percent rise in adjusted core earnings for the year ended Dec. 31, as last year’s acquisition of Snaitech offset a decline in Asia.

Revenue rose 54 percent to 1.24 billion euros.

$1 = 0.8822 euros Reporting by Tanishaa Nadkar in Bengaluru; Editing by Rashmi Aich

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