Amaya maintains growth plans despite ‘unexpected challenges’

Rafi Ashkenazi, interim chief executive of Amaya, has said that the company was able to record year-on-year growth across a host of key finances during the three months through to March 31, despite having had to contend with a number of “unexpected challenges” in the period.

Revenue in the first quarter amounted to $288.7 million (€254.8 million), which represents an increase of 6% on the $272.3 million posted in the same period last year.

Adjusted earnings before interest, tax, deprecation and amortisation (EBITDA) was up 8.7% year-on-year to $123.4 million, with net earnings from continuing operations rocketing 138.5% to $55.5 million and adjusted net earnings also up 26% to $85 million.

Amaya also noted that diluted earnings from continuing operations per common share hiked 141.8% to $0.28, while adjusted net earnings per diluted share increased by 27.8% to $0.43.

Customer registrations were up by 2.5 million to approximately 102 million by the end of the quarter, while Amaya said that it has been able to start the second quarter in a positive fashion, with revenue for the month of April up 11% year-on-year to $96 million.

“During the first quarter, we continued to execute on our growth plans despite unexpected challenges, including management changes and the ongoing strategic alternatives process,” said Ashkenazi, who was appointed interim chief executive in March after David Baazov stepped down due to an investigation over alleged insider trading.

“We attracted new customers to PokerStars, continued to introduce changes to improve the overall poker experience, expanded our online casino offering and continued to invest in our emerging online sportsbook.”

Related article: Amaya chief Baazov to take voluntary leave of absence