IGT struggles in year after Gtech merger

IGT struggles in year after Gtech merger

Friday, March 18, 2016 Totally Gaming
Marco Sala described "a year of transformation"

International Game Technology (IGT) saw a 12 per cent pro forma decrease in revenues in 2015, a year in which the company was merged with Gtech.

In its final results for the 12 months to December 31, the gaming and lottery systems company said full-year revenue - including Gtech and legacy IGT for the period prior to the second quarter of 2015 - amounted to $5.1bn (€4.5bn), which represents a loss of 12 per cent on the $5.8bn posted in the previous year.

Pro forma adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at $1.7bn, a drop of 16 per cent year-on-year.

Operating income for the year amounted to $533m, a decrease of 51 per cent on 2014, while adjusted operating income was down by 19 per cent to $1.1bn.

Reported revenue was up 23 per cent to $4.7bn, with adjusted EBITDA up by 16% year-on-year to $1.6bn. Reported adjusted operating income increased 22 per cent to over $1bn, although operating income was down 24 per cent year-on-year to $540m.

Marco Sala, chief executive of IGT, said: “We ended a year of transformation with a strong quarter for our lottery and gaming operations, enabling us to reach the high end of our EBITDA guidance.

“We established IGT as the global gaming leader with a commitment to being a customer-first organisation and to deliver the content, technology, and expertise that drives player demand.

“We are confident that we have established a solid foundation from which we can continue to lead the gaming industry and grow our business.”

 

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