UK-listed gambling technology provider Playtech is bidding goodbye to chairman Alan Jackson as shareholders once again strenuously objected to senior executives’ hefty salaries.
Playtech held its annual general meeting on Wednesday, which included a trading statement covering the full year ahead. Essentially, the company says the trends displayed in its 2018 annual report, i.e. ‘Regulated B2B Gaming’ is growing, while ‘Non-regulated B2B Gaming’ is “materially lower” due to a “highly competitive” environment in Asia’s grey- and black-markets.
Playtech’s B2C operations, which were significantly bolstered by last year’s acquisition of Italy’s Snaitech, continue to be “very strong.” Playtech also expects its extended 15-year Sun Bingo contract will be profitable this year. The TradeTech financial division has turned in “encouraging” results but market volatility is “well below historical averages.”
Meanwhile, Playtech confirmed that the search is on for a replacement for Jackson (pictured), who has occupied the chairman’s seat since 2013. More than one-third of Playtech shareholders voted against Jackson’s re-election to the board on Wednesday, in part due to the company awarding him a 17% pay rise last August despite Playtech’s shrinking profits.