Playtech sees FY in line; Ron Hoffman made CEO of financials division

Gaming software development company Playtech said it expects results for the full year 2016 to be in line with market views as it announced that chief financial officer Ron Hoffman will become chief executive officer of the group’s financials division.

Andrew Smith, the current head of investor relations, will succeed Hoffman and join the board as an executive director with immediate effect.

Playtech said the move will provide a greater depth of management resource and focus on the financials division following the acquisitions of Markets Limited and Consolidated Financial Holdings A/S.

James Newman will join the company from Bell Pottinger to replace Smith as head of investor relations.

Playtech also gave a quick update on its trading on Tuesday, saying that both the gaming and financials divisions have enjoyed similar trends to those reported at the time of the investor and analyst event on 9 November.

"Accordingly, results for the full year to 31 December 2016 are expected to be in line with market expectations and the board remains confident of further growth in 2017 and beyond.”

In addition, the company said it has agreed an extension to its arrangements with the William Hill Group until the end of 2019.

Chairman Alan Jackson said: “I am delighted to welcome Andrew as chief financial officer of Playtech whilst at the same time thanking Ron for the skill and dedication he has brought to the role over the past four years.

"Andrew is the natural successor to Ron, having played an increasingly important part in Playtech's financial, operational and strategic performance over the past few years, becoming a key member of Playtech's management team as well as an important contributor at board level. Andrew's breadth of experience will be invaluable over the coming years and I wish him every success.”