- Online gambling software provider Playtech said it was performing better than it had hoped in March, even as the Covid-19 crisis continues to weigh on sales.

In a trading update for the four months through April, the company said it had a 'strong' first quarter, achieving adjusted earnings before, interest, tax, depreciation and amortisation of €117m.

Adjusted EBITDA during the month of April was €23m driven by the company's TradeTech division and cash saving measures, including salary cuts.

Monthly cash flow remained positive in March and April, the company added, excluding contingent consideration payments and cash from land sales.

'Despite Covid-19 starting to severely impact some of the group's businesses, the results for March as a whole were in line with the company's original pre-CovidD-19 expectations,' Playtech said.

'These positive trends have continued, which has resulted in Adjusted EBITDA of €23m for April, with adjusted EBITDA for the first four months of 2020 totalling €140m.'

Story provided by