Innova targets growth after sales surge boosts 2015 performance

Innova targets growth after sales surge boosts 2015 performance

Wednesday, March 16, 2016 Totally Gaming
The B2B gaming supplier was sold off by Amaya last year

Innova Gaming Group, the former Amaya subsidiary, said it will pursue “actionable transactions” in 2016 after a strong performance in the first year following its initial public offering (IPO).

In its final results for 2015, the company set up to operate B2B software developer Diamond Game, said that revenue for the 12 months to December 31 was up 15 per cent year-on-year to $21.2m (€19.1m), while gross profit grew by 23 per cent to $19.7m.

Innova, which went public last May as part of Amaya’s post-PokerStars purchase consolidation, said it “exceeded” the deployment target range of its flagship LT-3 gaming and ticketing product. It shipped a total of 1,877 units in 2015, which was 36.5 per cent up on 2014.

Adjusted earnings before interest, tax, depreciation and amortisation increased by 18 per cent to $4.6m, although full-year income dropped from a positive figure of $6.8m to a loss of $395,300.

“During 2015, we met or exceeded all of our growth objectives, while maintaining balance sheet strength and further building our substantial recurring revenue base,” said Richard Weil, chairman and chief executive of Innova Group.

“Our market opportunity is large; we expect 2016 to be another year of growth as Diamond Game continues to deploy LT-3 terminals into existing jurisdictions and opens new regions for its unique extended-play lottery and charitable gaming solution.

“Our goal is to grow Innova into a much larger, profitable organisation. To that end, we are also looking at a select group of actionable transactions that would complement and grow our lottery and charitable gaming presence, while leveraging the strength of our experienced management team.”

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