Playtech Shakes Up Risk and Compliance and Audit Committees
Global iGaming supplier Playtech has embarked on a significant restructuring of its board committees, which will see its risk and compliance group and audit committee partly merge.
Playtech merges its risk and compliance committee and audit committee to create two new panels.
LISTEN TO THIS ARTICLE:The partial integration of the two committees will lead to the creation of a new audit and risk committee. Ian Penrose, a seasoned senior independent non-executive director who has been a member of Playtech's board since 2018, will chair the committee.
Linda Marston-Weston and Samy Reeb, both non-executive directors, will join Ian Penrose as ordinary members of the committee.
As part of the restructuring, the compliance functions of the existing risk and compliance committee will be spun off into a separate entity to be known as the regulatory and compliance committee.
Sammy Reeb will chair the committee, while Penrose and Anna Massion, another non-executive director, will serve on the board as members.
Playtech has announced that the new changes will take effect on June 1, and the reorganization will not affect other committees.
Playtech Q1 Trading Update
The latest development follows Playtech's release of its trading update for the first four months of the year. The report revealed robust performance across its B2B and B2C divisions from January to April 30.
According to the group, the strong performance was driven by revenue growth in regulated markets, notably the US and Canada, effective cost control, and rapid expansion in the live market.
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In the B2C segment, Playtech highlighted the strong performance of Snaitech, its Italy-facing operation, which achieved Impressive underlying results. Furthermore, the company observed a significant uptick in wagering activity across online and retail platforms.
Progressive Reports for 2023
In March, Playtech posted its 2023 financial year report, revealing a 6.6% year-on-year increase in revenue to €1.1 billion.
The company attributed the increase in revenue and adjusted EBITDA to "strategic and operational" progress across its B2B and B2C segments.
In 2023, Playtech's B2B revenue increased 8.2% to €684.1 million, with significant growth in the Americas. The B2C segment also reported record revenue of €1.04 billion, a 5.5% increase from the previous year, primarily driven by the Italian-facing Snaitech.
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