IGT on track with synergy plans

IGT on track with synergy plans

Friday, November 13, 2015 Totally Gaming
Marco Sala was positive about IGT's figures

Gaming services provider International Game Technology (IGT), which merged with lottery provider GTECH in a $6.4bn (€5.9bn) deal earlier this year, said that the combined company recorded a net profit of $7.1m in the third quarter.

The firm performed in line with financial expectations during the three months through to September 30 according to chief executive Marco Sala, with revenue of $1.2bn up 30 per cent on the $938m posted in the corresponding period last year.

However, on a pro forma basis, when comparing the new IGT with the combined results of the separate entities a year ago, revenue fell 18 per cent.

“We are focused on driving growth through innovation; our recent showcases at the leading gaming and lottery trade shows demonstrated that commitment and the power of combining our compelling content and leading-edge technology to cement our industry leadership,” Sala said.

Operating profit was up 21 per cent to $414 million, but down 17 per cent in terms of pro forma and constant currency change. Adjusted operating income hiked 26 per cent to $258m, although this represented a year-on-year decline of 19 per cent based on pro forma and constant currency change.

IGT chief financial officer Alberto Fornaro said the company had already realised more than half of its $230m in annual cost savings expected by the merger, although TotallyGaming.com reported in August that this figure was down on an initial estimate.

Fornaro added: “We planned our first year as a combined company prudently; based on our year-to-date results and current top-line visibility, we are confident in reaching the top half of our 2015 adjusted EBITDA outlook.”

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