StockMarketWire.com - Gambling company Playtech swung to a first-half profit as gains on derivative financial assets offset longer-than-expected pandemic-led retail closures in Italy.

For the six months ended 30 June 2021, pre-tax profit rose to €278.1 million from a loss of €19.2 million last year, while revenue fell 4% to €457.4 million.

The swing to profit was 'mainly due to the €299.9 million of unrealised fair value gains on derivative financial assets (H1 2020: €Nil),' the company said.

'H1 results in line with expectations at the start of the year with online strength offsetting the impact of the longer than expected retail closures in Italy,' the company said.

'Given the strong H1 performance and the momentum within the business into H2 combined with the easing of lockdown restrictions, the board is confident of the company's prospects for the remainder of 2021 and beyond,' it added.

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