In a recent vote, 92.2% of the 230,000 votes cast showed support for the relocation proposal announced at the beginning of the month, indicating strong shareholder agreement.
Shareholders of the gaming supplier have agreed to the plan of moving to mainland UK in early 2021, which is expected to bring overall benefits to the business.
The board of Playtech, in a statement, confirmed the formal approval of the proposed resolution by shareholders at the General Meeting held today.
As mentioned earlier, the relocation will enable Playtech to conduct board meetings, make board decisions, and hold shareholder meetings in the UK, which is expected to encourage greater shareholder participation.
The board believes that this move aligns well with the company’s evolving nature and its anticipated future operational substance.
In its latest trading update, Playtech emphasized the significance of the UK market, where its Playtech ONE platform provides a strategic advantage and a cornerstone presence.
Additionally, Playtech has actively participated in discussions on safer game design and online advertising, co-leading a working group through the industry trade body, the Betting and Gaming Council.
Playtech’s commitment to safer gambling, utilization of technology and data to support licensees, and its ongoing relationship with Tier 1 operators in the UK has resulted in strong performance for the group.
In the first half of 2020, Playtech experienced a decline of 22.5% in revenue compared to the previous year, primarily due to the impact of the Covid-19 pandemic on B2B and B2C operations.
Revenue for the first six months to 30 June amounted to €564.0m, with strong performance in the financials division TradeTech partially offsetting declines in B2B and B2C revenue.
Playtech’s underlying adjusted effective tax rate of 15% in H1 2020 was notably influenced by the geographic distribution of profits and the varying tax rates in different jurisdictions.
The total adjusted tax charge for H1 2020 was €8.2m, of which €8.0m related to current tax expenses, while deferred tax decreased due to lower utilization of brought forward losses in Snaitech.
