Playtech plc announced operating results for the six months ended 30 June 2018. Average daily revenue year to date excluding Asia (on a constant currency and ex-acquisition basis) are up 7% versus the same period last year and up 12% in the second quarter of 2018 versus second quarter of 2017. Given the downturn in Asia came towards the end of the period together with the strong performance from Tradetech in the first half, Playtech's first half 2018 group performance is broadly in line with its expectations at the start of the year.

Looking to the remainder of the year, the current run rate in Asia is materially below both the average in the second half of 2017 and the average which was expected for the second half of 2018 at the start of the year. If the current run rate in Asia continues unchanged for the remainder of 2018, including no material improvement in Malaysia, Playtech's expected revenue from Asia will be approximately €70 million lower than original expectations. Given that the downturn in Asia has been relatively sudden and taking into account Playtech's centralised cost base, the vast majority of this revenue loss will drop through to adjusted EBITDA. Taking into account all of the above, including the consolidation of Snaitech and specifically taking into account the uncertainty in Asia, Playtech now expects group adjusted EBITDA for 2018 in the range of €320 million to €360 million. This excludes the €42 million one-off gain in 2018 relating to the sale of shares in Ladbrokes and GVC which will not impact adjusted EBITDA but will increase adjusted EPS.