Innova chief hails ‘matured’ company after Q1 growth

Richard Weil, chairman and chief executive of Innova Gaming, has paid tribute to the former Amaya subsidiary’s performance during the three months to March 31, stating that the firm has “matured” into an “established leader” in its core market.

The B2B software supplier revenue in the first quarter came in at $5.4 million (€4.8 million), up from $4.6 million in the same period last year.

Gross profit climbed from $4.3 million to $4.8 million, while net income was also up from $34,000 to $863,000.

In addition, the firm’s total assets increased from $35.1 million to $36.3 million, although adjusted earnings before interest, tax, depreciation and amortisation was down from $1.4 million to $1.1 million.

“Since our initial public offering 12 months ago, we have not only delivered on the goals we set for growth but have matured to become an established leader in our space,” Weil said.

“Although the timing of some deployments originally slated for Q1 2016 shifted to Q4 2015 in response to revised customer directives, we still generated strong revenue growth of over 16% compared to Q1 2015 and continued to roll out LT-3 terminals across our network.

“Our solid reputation and demand for LT-3 terminals position us well to deliver on our target deployment range of 300 to 360 units over the course of 2016.”

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