IGT hails progress as finances rise in 2016

International Game Technology (IGT) has said that it was able to reach a number of “important milestones” in 2016, after posting year-on-year financial growth.

Reported revenue in the 12 months through to December 31, 2016, amounted to $5.2 billion (€4.9 billion), an increase of 10% on the $4.7 billion generated in the previous year.

Operating income climbed 22% year-on-year to $660 million, while net debt was cut by 2% to $7.6 billion.

Elsewhere, adjusted earnings before interest, tax, depreciation and amortisation for the 12 months came in at $1.8 billion, up 9% on 2015, while adjusted income also increased by 12% to $1.2 billion.
 
The positive financial results come despite ongoing struggles within the firm’s DoubleDown business, which reported a poorer performance than in 2015, as well as lower product sales.

Marco Sala, chief executive of IGT, said: “We reached many important milestones in 2016; we reinforced our No.1 position in lottery globally, achieving robust same-store revenue growth and securing valuable, multi-year contracts.

“We also made good progress with our gaming turnaround, developing compelling new titles and hardware, in addition to expanding our international presence.

“We operate in growing global market segments and IGT has a long history of investing in innovation to create shareholder value.”

Related article: IGT reveals revenue growth despite DoubleDown losses in Q3